You may be eligible to claim the Retirement Savings Contributions Credit, also known as the Savers Credit, if all of the following apply:
- You are age 18 or over
- You are not a full time student
- You are not claimed as a dependent on another person's return
The credit is equal to 50%, 20% or 10% of your retirement plan contributions. The amount is dependent on your Adjusted Gross Income.
For tax year 2019, the amounts are as follows:
50% of your contribution:
- Married Filing Joint AGI not more than $38,500
- Head of Household AGI not more than $28,875
- All other filers AGI not more than $19,250
20% of your contribution:
- Married Filing Joint AGI between $38,501 and $41,500
- Head of Household AGI between $28,876 and $31,125
- All other filers AGI between $19,251 and $20,750
10% of your contribution:
- Married Filing Joint AGI between $41,501 and $64,000
- Head of Household AGI between $31,126 and $48,000
- All other filers AGI between $20,751 and $32,000
The maximum credit amount is $2,000. The program will automatically calculate your credit once you enter the required information.