The Saver’s Tax Credit details below have been updated for the 2020 and 2021 tax years. What is the Saver’s Credit? The Saver’s Credit (aka the ‘Retirement Savings Contribution Credit‘) is a lesser known, highly advantageous tax credit that the IRS offers to incentivize low and moderate income taxpayers to make retirement contributions to an IRA, 401K, 403B, 457B, or any other IRS recognized retirement account. What is nice about the Saver’s Credit is that it is an actual tax credit – not merely a tax deduction. If you’re not sure how the two...
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[Read the rest of the story at 20somethingfinance.com]