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sunshinyday
September 28, 2022
Question

Savers credit

  • September 28, 2022
  • 1 reply
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Does the savers credit is in effect for this tax year? Can someone still get the saver's credit if the person has an employer sponsored 401k?

    1 reply

    K
    KanM361
    September 28, 2022

    Hello,

    Yes, savers credit is available for Tax Year 2022, if you are eligible taxpayers who make salary deferral contributions to employer-sponsored 401(k), 403(b), SIMPLE, SEP, thrift savings plans (TPS), or governmental 457 plans.3 It is also available to those who contribute to traditional and/or Roth IRAs. So contributing to employer sponsored 401K makes you eligible for savers credit.

     

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