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Personal Finance and Savings

Retirement Saver’s Credit

What is the Retirement Saver’s Credit and how can you qualify for it?

Retirement Savings Contribution

You may be eligible for a tax credit (Saver’s Credit) if you contribute to a retirement account such as an IRA or an employer-sponsored plan such as a 401(k). You may also be able to take a credit on contributions to your Achieving a Better Life Experience (ABLE) account if you are the designated beneficiary.

The Saver’s Credit is 50%, 20%, or 10% on the first $2,000 ($4,000 if Married Filing Jointly) contributed to a retirement plan or ABLE account based on your adjusted gross income – up to $68,000 if Married Filing Jointly, $51,000 if Head of Household, and $34,000 for all other filing statuses. Rollover contributions are not eligible for the Saver’s Credit and your eligible contributions may be reduced by any recent distributions you received from your plan.

To qualify you must be age 18 or older, a non-student, and not an eligible dependent for any other taxpayer(s).

Use the chart to determine the amount of your Saver’s credit, based on your adjusted gross income (AGI).

2022 SAVER'S CREDIT
Credit Rate	Married Filing Jointly	Head of Household	All Other Filers
50% of Your Contribution	AGI not more than $41,000	AGI not more than $30,750	AGI not more than $20,500
20% of Your Contribution	$41,001 - $44,000	$30,751 - $33,000	$20,501 - $22,000
10% of Your Contribution	$44,001 - $68,000	$33,001 - $51,000	$22,001 - $34,000
0% of Your Contribution	More than $68,000	More than $51,000	More than $34,000

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