Can I Claim the Saver's Credit?

Yes — if you contribute to a 401(k), IRA, or other retirement account and your income is below certain limits, you may qualify for the Saver's Credit (also called the Retirement Savings Contributions Credit). The credit is worth 10%, 20%, or 50% of your contribution (up to $2,000 per person), depending on your income. For 2024, the income limit is $38,250 for single filers and $76,500 for married filing jointly. You must be at least 18 years old, not a full-time student, and not claimed as a dependent. This is one of the few credits that rewards low-to-moderate income earners for saving for retirement.