Use the Saver's Credit to Cut the Taxes You Owe

Tax-preferred saving is one incentive to encourage you to save for retirement. Did you know the IRS provides another? It’s called the Saver’s Credit, a little-known tax break for filers who earn up to $53,000 a year ($26,500 for single filers). In addition to any tax deductions or exclusions you get on your qualified plan contributions, you could be eligible for a tax credit of up to $1,000.

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