NOTE: Due to the coronavirus pandemic, the IRS has extended the tax filing and payment deadline to July 15, 2020. As a result, tax filers also have until July 15, 2020 to make a contribution to an IRA for tax year 2019. Consult the IRS website for more information.
What Is the IRS Saver's Credit?
The Saver's Credit is an important tax credit that many American workers who save for retirement may be missing out on. The IRS Retirement Savings Contributions Credit, also known as the Saver’s Credit, is available to eligible taxpayers who are saving for retirement through a qualified retirement plan at work or in a traditional or Roth IRA, and ABLE accounts. Workplace plans include: 401(k)s, 403(b)s, 457(b)s, 501(c)(18)s, SIMPLE IRAs, and SARSEPs. Unfortunately, 62 percent of workers are unaware of the credit, according to the 19th Annual Transamerica Retirement Survey of workers. Below are resources for individuals, employers, and financial advisors to learn more about this important tax credit and to share with family, friends, employees, and clients.