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            Retirement Savings Contributions Credit (Saver’s Credit)

             

            You may be able to take a tax credit for making eligible contributions to your IRA or employer-sponsored retirement plan. And, beginning in 2018, if you’re the designated beneficiary you may be eligible for a credit for contributions to your Achieving a Better Life Experience (ABLE) account.

            Who's eligible for the credit?

            You're eligible for the credit if you're:

            1. Age 18 or older;
            2. Not a full-time student; and
            3. Not claimed as a dependent on another person’s return.

            See the instructions for Form 8880, Credit for Qualified Retirement Savings Contributions (PDF), for the definition of a full-time student.

            Amount of the credit

            The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA or ABLE account contributions depending on your adjusted gross income (reported on your Form 1040 series return). The maximum contribution amount that may qualify for the credit is $2,000 ($4,000 if married filing jointly), making the maximum credit $1,000 ($2,000 if married filing jointly). Use the chart below to calculate your credit.

            ABLE contributions eligible for the credit

            Beginning in 2018, the Saver’s Credit can be taken for your contributions to an ABLE account if you’re the designated beneficiary.

            Rollover contributions (money that you moved from another ABLE account or from a Qualified Tuition Plan (QTP) account do not qualify for the credit. Also, your eligible contributions may be reduced by any recent distributions you received from your ABLE account.
            ?

            *Single, married filing separately, or qualifying widow(er)

            2020 Saver's Credit

            Credit Rate Married Filing Jointly Head of Household All Other Filers*
            50% of your contribution AGI not more than $39,000 AGI not more than $29,250 AGI not more than $19,500
            20% of your contribution $39,001 - $42,500 $29,250 - $31,875 $19,501 - $21,250
            10% of your contribution $42,501 - $65,000 $31,876 - $48,750 $21,251 - $32,500
            0% of your contribution more than $65,000 more than $48,750 more than $32,500

            2019 Saver's Credit

            Credit Rate Married Filing Jointly Head of Household All Other Filers*
            50% of your contribution AGI not more than $38,500 AGI not more than $28,875 AGI not more than $19,250
            20% of your contribution $38,501 - $41,500 $28,876 - $31,125 $19,251 - $20,750
            10% of your contribution $41,501 - $64,000 $31,126 - $48,000 $20,751 - $32,000
            0% of your contribution more than $64,000 more than $48,000 more than $32,000

            2018 Saver's Credit

            Credit Rate Married Filing Jointly Head of Household All Other Filers*
            50% of your contribution AGI not more than $38,000 AGI not more than $28,500 AGI not more than $19,000
            20% of your contribution $38,001 - $41,000 $28,501 - $30,750 $19,001 - $20,500
            10% of your contribution $41,001 - $63,000 $30,751 - $47,250 $20,501 - $31,500
            0% of your contribution more than $63,000 more than $47,250 more than $31,500

            2017 Saver's Credit

            Credit Rate Married Filing Jointly Head of Household All Other Filers*
            50% of your contribution AGI not more than $37,000 AGI not more than $27,750 AGI not more than $18,500
            20% of your contribution $37,001 - $40,000 $27,751 - $30,000 $18,501 - $20,000
            10% of your contribution $40,001 - $62,000 $30,001 - $46,500 $20,001 - $31,000
            0% of your contribution more than $62,000 more than $46,500 more than $31,000

            Retirement savings eligible for the credit

            The Saver’s Credit can be taken for your contributions to a traditional or Roth IRA; your 401(k), SIMPLE IRA, SARSEP, 403(b), 501(c)(18) or governmental 457(b) plan; and your voluntary after-tax employee contributions to your qualified retirement and 403(b) plans.

            Rollover contributions (money that you moved from another retirement plan or IRA) aren’t eligible for the Saver’s Credit. Also, your eligible contributions may be reduced by any recent distributions you received from a retirement plan or IRA.

            Example: Jill, who works at a retail store, is married and earned $38,500 in 2019. Jill’s husband was unemployed in 2019 and didn’t have any earnings. Jill contributed $1,000 to her IRA in 2019. After deducting her IRA contribution, the adjusted gross income shown on her joint return is $37,500. Jill may claim a 50% credit, $500, for her $1,000 IRA contribution.

            Additional resources

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