HR Alert

IRS: 'Saver's Credit' Helps Workers Save for Retirement

IRS: 'Saver's Credit' Helps Workers Save for Retirement

End-of-Year Deadline Applies to Employer-Sponsored Plans

The IRS is reminding workers that contributions to employer-sponsored IRAs, 401(k) plans, 403(b) plans, or similar workplace retirement programs must be made by year's end to qualify for the Retirement Savings Contributions Credit.

Also known as the "Saver's Credit," this special tax break for low- and moderate-income workers helps offset part of the first $2,000 workers contribute to the plans. The saver's credit can be claimed for tax year 2017 by:

  • Married couples filing jointly with incomes up to $62,000;
  • Heads of household with incomes up to $46,500; and
  • Married individuals filing separately and singles with incomes up to $31,000.

However, contributions (elective deferrals) to an employer-sponsored plan must be made by the end of December to qualify for the credit.

Click here to read the IRS reminder in its entirety.

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