| Get Credit for Your Retirement Savings |
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February 19, 2013,
Volume 59, No. 22 |
Tax season has arrived—and if you put money toward a retirement plan last year, you may be able to get credit for it.
The Retirement Savings Contribution Credit (also known as the Saver's Credit) provides a credit of up to $1,000 ($2,000 for joint filers).* The amount of the credit depends on your income, tax filing status and how much you contributed to your retirement plan in 2012.
Take a look at the table below to see if you're eligible.
Keep in mind that you can't be claimed as a dependent on someone else's tax return if you want to take advantage of the Saver's Credit.
For more information, visit www.irs.gov
—Division of Human Resources
Modified Adjusted Gross Income |
Credit % |
Maximum Tax Credit (per person)* |
Married Filing Jointly |
Head of Household |
Single |
$0-$34,500 |
$0-$25,875 |
$0-$17,250 |
50% of first $2,000 deferred |
$1,000 |
$34,501-$37,500 |
$25,876-$28,125 |
$17,251-$18,750 |
20% of first $2,000 deferred |
$400 |
$37,501-$57,500 |
$28,126-$43,125 |
$18,751-$28,750 |
10% of first $2,000 deferred |
$200 |
* According to the IRS, the maximum annual contribution eligible for the Saver's Credit is $2,000.
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