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The Saver's Credit helps lower- and middle-income Americans who contribute to a retirement plan by cutting up to $1,000 ($2,000 for married couples) off their tax bill when they file their annual tax return. It's also a particularly good incentive to get young people started early on saving for their golden years.
SEE MORE 401(k) Contribution Limits for 2022
But the Saver's Credit as it exists today could be in for some significant changes - particularly with respect to how it's paid. The EARN Act, which was recently introduced in the U.S. Senate, would basically convert the credit into a government matching program for retirement plan contributions. Other revisions would be made, too. If passed, the new rules would take effect in 2027.
While it's too early to tell if the proposed changes will eventually be enacted into law, there is bipartisan support for major improvements to current retirement saving plans and incentives. So, depending on how the politics play out, there's a decent chance that we'll see improvements to the Saver's Credit in one form or another in the near future - and they very well could be the modifications included in the EARN Act.
The Current Saver's Credit
Currently, qualified taxpayers who contribute to a retirement plan (e.g., a 401(k), traditional IRA or Roth IRA) can claim the Saver's Credit on their tax return. For 2022, single filers and married couples filing a separate return with adjusted gross income of $34,000 or less are eli
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