The IRS Is Rewarding Retirement Savers With Up to $2,000. Do You Qualify?
If you've ever been on the fence about contributing to a retirement account, this incentive may cause you to have a change of heart: the Saver's Credit. It's also known as the Retirement Savings Contribution Credit, and it's possibly one of the most underutilized tax benefits among low- and moderate-income taxpayers.
In a nutshell, the Saver's Credit gives you a chance to earn up to $1,000 (up to $2,000 for a married couple) just for contributing to a qualified retirement plan. That extra money -- although nonrefundable -- could potentially wipe out or reduce your tax bill.
It may sound too good to be true, but the Saver's Credit has been around for almost a decade and has allowed many people to earn a tax break while boosting their retirement savings. However, most people have no idea they qualify. I'll break down the qualifications below to ensure you won't leave another penny on the table.
Source Fool.com
