Are You Eligible To Claim The IRS Saver’s Credit?

(NAPSI)—Here’s good news, for a change, from the IRS: It offers an incentive to lower your tax bill when you save for retirement. With pandemic-related employment disruptions last year, more taxpayers may be eligible to claim the Saver’s Credit but may not even know this tax credit exists. Also referred to as the Retirement Savings Contributions Credit, the Saver’s Credit can reduce federal income taxes for eligible taxpayers who save for retirement through a qualified retirement plan, such as a 401(k) or an Individual Retirement Account (IRA).

What Is the Saver’s Credit?

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