The Retirement Savings Contributions Credit, or "Saver's Credit," can give and additional tax credit for low- to- moderate income taxpayers who save for retirement. The Credit can also give an immediate tax incentive for contributing to a Roth or other non-deductible account. This video describes the credit, who is eligible for the credit, and how the credit is calculated and reported on the tax return. 2022 UPDATE: AGI phaseout ranges for the Savers Credit: $41,000 - $68,000 (MFJ); $30,750 - $51,000 (HOH); $20,500 - $34,000 (S, MFS, QSS) ADDITIONAL INFORMATION AND RESOURCES: To learn more about 401(k) plans, click here: To learn more about the difference between traditional and Roth retirement accounts, click here: To learn more about IRA contributions, click here: IRS Form 8880: "Retirement Savings Contributions Credit": irs.gov: "Retirement Savings Contributions Credit (Saver's Credit)" (Covers additional details not g
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)