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IRS: New rule gives savers $2,000 tax break

A new rule change with the IRS and tax returns could get people a credit worth $2,000.

1040 tax return form with yellow background for filing taxes to the IRS and receiving credits like the saver's credit for refunds

The saver’s credit eligibility change has created the new rule.

Eligible savings plans for the credit include 401ks, IRAs, 403bs and 457bs.

Individuals can see a credit of up to $1,000 and married couples could see $2,000 from the IRS.

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If you’re filing jointly your combined AGI may not exceed $68,000.

Individual AGIs cannot exceed $34,000.

The income limits have gone up $1,000 since 2021 according to the IRS.

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When is the 2022 tax deadline?

For 2021, the amounts were $33,000 for singles, $49,500 for head of household and $66,000 for married filing jointly.

The IRS increases them each year, and they were even lower in 2020.

Over half of the American population makes under $35,000 each year, meaning they could qualify.

It’s important to check the thresholds if you made more last year and did not qualify since they go up.

If you qualify, you can receive the first 10%, 20%, or 50% of the first $2,000 you save.

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