Federal Tax Savers Credit

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The Saver's Tax Credit is available to UT System employees who:

  • Make Tax-deferred contributions to an employer-sponsored retirement plan;
  • Are 18 years or older;
  • Are not full-time students;*
  • Are not claimed as a dependant on another person's tax return; and
  • Meet the income limits described below.

*See the instructions for Form 8880, Credit for Qualified Retirement Savings Contributions, for the applicable definition of a full-time student. 

The amount of the credit is 50%, 20%, or 10% of your retirement plan contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income (reported on your Form 1040 or 1040A). Use the chart below to calculate your credit.

Income Limits for Saver's Tax Credit Eligibility

  2018 SAVERS CREDIT
  Adjusted Gross Income (AGI) Range by Filing Status
Credit Percentage Married,
Filing a Joint Return
Head of Household All Other Filers
50% of your contribution Not more than $38,000 Not more than $28,500 Not more than $19,000
20% of your contribution $38,001 to $41,000 $28,501 to $30,750 $19,001 to $20,500
10% of your contribution $41,001 to $63,000 $30,751 to $47,250 $20,501 to $31,500
0% of your contribution more than $63,000 more than $47,250 more than $31,500

 

  2019 SAVERS CREDIT
  Adjusted Gross Income (AGI) Range by Filing Status
Credit Percentage Married,
Filing a Joint Return
Head of Household All Other Filers
50% of your contribution Not more than $38,500 Not more than $28,875 Not more than $19,250
20% of your contribution $38,501 to $41,500 $28,876 to $31,125 $19,251 to $20,750
10% of your contribution $41,501 to $64,000 $31,126 to $48,000 $20,751 to $32,000
0% of your contribution more than $64,000 more than $48,000 more than $32,000