Americans struggling from COVID-19 related hardships could save themselves $2,000 with a tax break.
In order to claim it, you must have a retirement account and it can be claimed in the 2022 fiscal year.
Eligible Americans can claim this tax credit called the Saver’s Credit.
The credit is available to low and moderate income families and also works as an incentive to help save for retirement.
To qualify, married couples need an AGI no higher than $68,000 in 2022. Head of household can’t be over $51,000, and single filers can’t make over $34,000.
You must be over 18, not be a student, claiming yourself, and making your retirement contribution.
This is a non-refundable tax credit, meaning it can reduce what you owe but you won’t get a refund from it.
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