There’s still time to qualify for the retirement saver’s credit for 2023. Here’s how to qualify for the tax break.
There's still time for some tax filers to qualify for a tax break known as the retirement saver's credit, or saver's credit, for 2023 taxes.
Despite the incentive, only 5.7% of taxpayers claimed the saver's credit for tax year 2021, according to IRS estimates.The retirement savings contribution credit, or"saver's credit," can help low- to moderate-income filers offset part of the funds added to an You can still make a 2023 contribution to an IRA before the April 15 filing deadline to"earn a special tax credit,"How to avoid 'ghost preparers' and other tax scams as the April 15 filing deadline approachesPeople hate budgeting. Here's why — and how to reframe itI'm a certified financial planner and tax reporter at CNBC.
I opened two accounts to help grow my savings. Here's what I learned as a Gen Z personal finance reporterYou can claim as much as 50% of retirement contributions up to $2,000 for single filers or $4,000 for married couples filing jointly for maximum credits of $1,000 or $2,000, respectively.The tax break offers a dollar-for-dollar reduction of levies owed, which could reduce your tax bill or boost your refund.
For 2023, your adjusted gross income can't exceed $21,750 for single filers or $43,500 for married couples for the 50% credit. The percentages drop to 20% and 10%, respectively, as earnings increase, with a complete phase-out above $36,500 for individuals or $73,000 for joint filers.
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