Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver's Credit.
Here are seven points the IRS would like you to know about the Saver's Credit:
For more information on the Saver's Credit, see IRS Publication 590, Individual Retirement Arrangements. Also see Publication 4703, Retirement Savings Contributions Credit, and Form 8880. They are available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
TaxACT Free Federal and Deluxe Editions include step-by-step guidance and Form 8880 for the Saver's Credit. Start your TaxACT return now risk free.
Additional IRS Resources:
November 10 (Employees who work for tips)
If you received $20 or more in tips during October, report them to your employer - Details
November 11 (Everyone)
Federal Holiday (Veterans Day) - Details
November 27 (Everyone)
Federal Holiday (Thanksgiving Day) - Details