Tax Breaks for 401(k) Contributions

February 14, 2023

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What Is the Saver’s Tax Credit?

The saver’s tax credit is an added tax break for people with moderate incomes who contribute part of their salaries to retirement accounts. For those who are eligible, the credit reduces their income taxes owed dollar for dollar, up to a cap that depends on their incomes.

The tax credit is open to eligible taxpayers who contribute to employer-sponsored 401(k), 403(b), SIMPLE, SEP, or governmental 457 plans, or who make contributions to traditional or Roth IRAs.

Read more here – 2023 Tax Credit

Ask your tax professional is you qualify!




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