RESOURCE
The information on this page is a resource provided by Reliant's 401(k) Broker Michael Clark. This information may be subject to change so please ALWAYS seek professional tax advice when considering applicable tax credits and whether or not you may be eligible.
The “savers credit” allows an individual to take a tax credit of up to $1,000 ($2,000 if filing jointly) for making eligible contributions to an IRA or employer-sponsored retirement plan.
Please see the attachment below as well as the link to the IRS website that discusses this tax break.
We have also inuded a link to blog about it that describes the process for obtaining it.
Unfortunately, everyone doesn’t qualify for the credit, but it's something we wanted to provide resources about for those that might be eligible.
IRS Website:
Blog on the Savers Credit:
https://blog.ssa.gov/how-the-savers-credit-can-help-you-save-for-retirement
