What is the “SAVER’S CREDIT”?

By Dr. David E. Marcinko MBA CMP®

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Sponsor: http://www.CertifiedMedicalPlanner.org

The saver’s credit is a tax credit that’s intended to promote retirement savings among low- and moderate-income workers. It can reduce an eligible taxpayer’s federal income taxes when they save in a qualified retirement plan. It may be especially useful to medical students, nurses, interns, residents and fellows.

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IRS Releases Plan Limits for 2020 - Montgomery Retirement Plan Advisors

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In 2021, the maximum credit is worth $1,000 for individuals and $2,000 for married couples filing jointly, although it phases out for higher earners. To qualify for the credit, individuals must have an adjusted gross income of $32,500 or less. The income threshold for married couples is $65,000.

Because the credit is non-refundable, eligible taxpayers are able to use it to effectively reduce their tax bill to zero – but it cannot provide them with a tax refund.

IRS: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-savers-credit

CITE: https://www.r2library.com/Resource/Title/0826102549

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MORE: https://www.routledge.com/Risk-Management-Liability-Insurance-and-Asset-Protection-Strategies-for/Marcinko-Hetico/p/book/9781498725989

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