1、 https:/crsreports.congress.gov Updated April 22, 2022The Retirement Savings Contribution CreditThe 117th Congress is considering legislation that would modify the tax treatment of retirement savings. One provision designed to encourage retirement savings for low-income workers is the Retirement Sav
2、ings Contribution Credit (Internal Revenue Code IRC 25B), commonly referred to as the Savers Credit. This In Focus provides an overview of the credit and a brief discussion of the credits effectiveness, in the context of various policy options, including those under consideration in the 117th Congre
3、ss. The Savers Credit Eligible low-income taxpayers may be able to claim a nonrefundable tax credit for contributions to certain retirement accounts. The maximum credit amount is $1,000 per person making eligible contributions. To claim the tax credit, the individual making the contribution must (1)
4、 be at least 18 years old; (2) not be claimed as a dependent on someone elses tax return; and (3) not be a full-time student. Retirement savings of up to $2,000 per person may be tax credit eligible. Qualified retirement savings include contributions to traditional and Roth Individual Retirement Acc
