Keep More of Your Earnings with the Savers Tax Credit
Mar 5, 2020
As Tax Day approaches, we want to share some information about a tax credit available to eligible colleagues who make 401(k) or IRA contributions.
The Saver’s Credit is a non-refundable tax credit of $1,000 for single filers/$2,000 for married couples filing jointly which may be applied up to the first $2,000 of voluntary contributions to an employer-sponsored retirement plan, traditional IRA or Roth IRA.
Fewer than four in ten workers know about this credit which can be valuable for those who qualify. If you are not currently contributing to an employer-sponsored retirement plan, traditional IRA or Roth IRA, you might consider doing so to take advantage of this benefit.
Click the link below to download a summary of the credit prepared by the Transamerica Center for Retirement Studies.
For questions about our employer-sponsored retirement plan options and how to make contributions, email firstname.lastname@example.org.