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The Retirement Savings Contribution Credit, or Saver’s Credit, is a tax credit qualified individuals receive for making eligible contributions to a qualified plan, such as your UTSaver TSA or DCP account.
You may be eligible to claim this credit if you're:
- Age 18 or older;
- Not a full-time student; and
- Not claimed as a dependent on another person’s return.
Amount of the Credit
The amount of the credit is a percentage of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly). The percentage varies depending on your adjusted gross income (or AGI) as reported on your Form 1040 or 1040A. Use the chart below to determine what percentage applies for your AGI. You can then use that percentage amount and your eligible contributions to calculate your credit.
2017 Saver's Credit |
|||
Credit Rate |
Married Filing Jointly |
Head of Household |
All Other Filers |
|
50% of your contribution |
AGI not more than $37,000 |
AGI not more than $27,750 |
AGI not more than $18,500 |
|
20% of your contribution |
$37,001 - $40,000 |
$27,751 - $30,000 |
$18,501 - $20,000 |
|
10% of your contribution |
$40,001 - $62,000 |
$30,001 - $46,500 |
$20,001 - $31,000 |
|
0% of your contribution |
more than $62,000 |
more than $46,500 |
more than $31,000 |
The Saver’s Credit is a great additional value you could receive while participating with the UTSaver TSA or DCP retirement plans. Ring in the New Year by maximizing your retirement and tax savings today! Please visit us at www.utretirement.utsystem.edu to learn more or to enroll.
