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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

  2022 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 $40,000 or less $30,750 or less $20,500 or less
20% of your contribution $41,001 to $44,000 $30,751 to $33,000 $20,501 to $22,000
10% of your contribution $44,001 to $68,000 $33,001 to $51,000 $22,001 to $34,000
0% of your contribution more than $68,000 more than $51,000 more than $34,000

 

  2021 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 $39,500 or less $29,625 or less $19,750 or less
20% of your contribution $39,501 to $43,000 $29,626 to $32,250 $19,751 to $21,500
10% of your contribution $43,001 to $66,000 $32,251 to $49,500 $21,501 to $33,000
0% of your contribution more than $66,000 more than $49,500 more than $33,000