Saver’s Credit Often Overlooked
The Saver’s Credit is a commonly overlooked tax credit. Otherwise known as the Retirement Savings Contribution Credit, the Saver’s Credit helps eligible taxpayers offset the cost of saving for retirement. It’s been around a long time, and after calculating adjusted gross income, there are many who qualify for this credit (particularly with the new higher standard deductions).
This Saver’s Credit Fact Sheet includes additional details. You can distribute to your employee group as appropriate, or directly share the following information:
Are You Eligible for the Saver’s Credit?
Don’t miss out. If you contribute to an eligible retirement plan, you could be eligible for up to 50% of your contribution back in the form of a tax credit, with a maximum of $1,000 ($2,000 if married filing jointly). The following adjusted gross income caps apply: $63,000 as a married joint filer, $47,250 as a head of household filer, $31,500 as any other filing status. Learn why saving may be more affordable than you think.
Contact an M3 Financial Retirement Plan Consultant to learn more.
Investment advisory services offered through Global Retirement Partners, LLC, dba M3 Financial, an SEC registered investment advisor.
