The IRS: How to get a tax credit up to $4,000 for my retirement account

Our guide explains how you can get a tax credit of up to $4,000 if you have a retirement account

The Internal Revenue Service (IRS) has decided to reward retirement savers with checks of up to $4,000; 

Here's how. However, we will also let you know if you are eligible, especially if you have a retirement account you need to maintain. 

Contributing to a qualified retirement account requires you to meet a certain income threshold.

You may be eligible for the Saver's Credit in 2022 if you meet these requirements.

This benefit should not be overlooked, especially if you want to maximize

Your tax credit benefits this year. Your check will range from $2,000 to $4,000 

Depending on your status. Singles can receive between $1,000 and $2,000, while married couples can receive the maximum.

Who is eligible for this Tax Credit from the IRS?

If you don't recognize the new name, this tax credit used to be known as the Retirement Savings Contribution credit. 

It will be available to low and moderate income earners who have a tradition of saving money for retirement.

Your tax bill may come in handy at some point when you're trying to pay it off completely.

You won't be eligible for this benefit if your income exceeds a certain threshold. 

While the rules are simple, you may not qualify for this tax credit. According to 

The Transamerica Center for Retirement Studies, only 46% of workers are aware of the Saver's Credit.

Swipe Up to Read More Stories

Swipe Up