{"id":93,"date":"2014-12-18T15:01:25","date_gmt":"2014-12-18T20:01:25","guid":{"rendered":"http:\/\/blog.etax.com\/?p=93"},"modified":"2014-12-04T15:03:52","modified_gmt":"2014-12-04T20:03:52","slug":"saving-retirement-theres-credit","status":"publish","type":"post","link":"https:\/\/www.etax.com\/blog\/2014\/12\/18\/saving-retirement-theres-credit\/","title":{"rendered":"Saving for Retirement? There\u2019s a Credit for That"},"content":{"rendered":"<p class=\"p1\">If you\u2019re planning for your retirement by building a savings through an <a href=\"https:\/\/www.etax.com\/blog\/2025\/08\/19\/big-changes-coming-for-inherited-iras-in-2025\/\">IRA<\/a> or 401(k) plan, there\u2019s a god chance you may qualify for a special tax credit. The Saver\u2019s Credit is available to those with retirement plans, and can help reduce your tax liability. Also known by its extended name, The Retirement Savings Contribution Credit, the Saver\u2019s Credit can provide a maximum benefit of up to $2,000 for married couples who file jointly ($1,000 for single taxpayers).<\/p>\n<p class=\"p2\"><span class=\"s2\">Eligibility requirements are based on annual income and the filing status you choose. In order to qualify for the credit for the 2014 tax year, you\u2019ll have to meet the following criteria:<\/span><\/p>\n<ul>\n<li class=\"p2\"><span class=\"s2\">A single taxpayer or married couple filing separately who has earned no more than $30,000<\/span><\/li>\n<li class=\"p2\"><span class=\"s2\">Filing as Head of Household with an annual income of up to $45,000<\/span><\/li>\n<li class=\"p2\"><span class=\"s2\">Married Filing Jointly taxpayers who have a combined income of up to $60,000<\/span><\/li>\n<\/ul>\n<p><!--more--><\/p>\n<p class=\"p2\"><span class=\"s2\">The Saver\u2019s Credit has additional rules that may affect your eligibility. You have to have been at least 18 years old and not considered a full-time student for the year. Also, you can\u2019t be listed as a dependent on anyone else\u2019s return. <\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">Obviously, you must have actually put money into a workplace retirement savings, like a 401(k) or similar by the end of 2014 if you want to claim the benefit on your tax return. Contributions to an IRA are eligible to be claimed for credit as late as the due date for tax returns, which is typically April 15, 2015.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">In order to claim the credit, you\u2019ll have to file <a href=\"https:\/\/www.etax.com\/blog\/2024\/01\/10\/potentially-qualifying-for-a-special-savers-tax-credit\/\">Form 8880<\/a>, Credit for Qualified Retirement Savings Contributions. If you choose to e-file, many tax software programs will do this for you. <\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">The Saver\u2019s Credit is only one of several tax savings you can benefit from if you save for your later years. You may be able to deduct any contributions made to a traditional IRA as well. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re planning for your retirement by building a savings through an IRA or 401(k) plan, there\u2019s a god chance you may qualify for a special tax credit. The Saver\u2019s Credit is available to those with retirement plans, and can help reduce your tax liability. Also known by its extended name, The Retirement Savings Contribution [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[156,160,159,132,38,157,158],"class_list":["post-93","post","type-post","status-publish","format-standard","hentry","category-credits-2","tag-401k","tag-credit-for-qualified-retirement-savings-contributions","tag-form-8880","tag-ira","tag-retirement","tag-retirement-savings-contribution-credit","tag-savers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Saving for Retirement? There\u2019s a Credit for That - eTax.com\u00ae Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.etax.com\/blog\/2014\/12\/18\/saving-retirement-theres-credit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saving for Retirement? There\u2019s a Credit for That - eTax.com\u00ae Blog\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re planning for your retirement by building a savings through an IRA or 401(k) plan, there\u2019s a god chance you may qualify for a special tax credit. The Saver\u2019s Credit is available to those with retirement plans, and can help reduce your tax liability. Also known by its extended name, The Retirement Savings Contribution [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.etax.com\/blog\/2014\/12\/18\/saving-retirement-theres-credit\/\" \/>\n<meta property=\"og:site_name\" content=\"eTax.com\u00ae Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/eTaxcom-135749976483724\/\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-18T20:01:25+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.etax.com\\\/blog\\\/2014\\\/12\\\/18\\\/saving-retirement-theres-credit\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.etax.com\\\/blog\\\/2014\\\/12\\\/18\\\/saving-retirement-theres-credit\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/www.etax.com\\\/blog\\\/#\\\/schema\\\/person\\\/ddb9378caffbf2f32f89a84d213b3ef4\"},\"headline\":\"Saving for Retirement? 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