Saver’s Credit Killer Explanation And Advice
Saver’s Credit – Eligible Taxpayers
If you make eligible contributions to a qualified retirement plan, you may be able to receive 50% of the first $2,000 you put into retirement savings.Full time students, dependents claimed on other tax returns and individuals under age 18 years cannot qualify for Saver’s Credit.
Claiming The Saver’s Credit
The amount of saver’s credit is determined by your filing status, your adjusted gross income and other retirement contributions that you make.Individuals with a low income may be eligible for a higher tax saver’s credit rate.