How to Claim Up to $2,000 in Free Money for Retirement With the 2021 Saver’s Credit

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The Saver’s Credit, formally known as the Retirement Savings Contribution Credit, is designed to encourage low- to middle-income taxpayers to save for retirement.

We’ll get to the qualification rules later, but the idea is that the credit can be worth as much as $1,000 per year, per person (married couples can get a credit of as much as $2,000). Depending on their income, the credit can be worth 10%, 20%, or 50% of contributions made to an eligible retirement account, up to a maximum of $2,000.

The credit can be taken for pretty much any tax-advantaged retirement account you can think of. You can use the Saver’s Credit if you contribute to an employer’s 401(k) plan at work, for example. Or if you open a traditional or Roth IRA and make a contribution, you can use that to qualify for the Saver’s Credit as well.

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