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The 2018 Saver's Tax Credit

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Retirement Corner

Federal Tax Form with pen and calculatorThe Retirement Savings Contribution Credit, or Saver’s Credit, is a tax credit qualified individuals receive for making eligible contributions to a qualified plan, such as your UTSaver TSA or DCP account.

You're eligible for the credit if you're:

  1. Age 18 or older;
  2. Not a full-time student; and
  3. Not claimed as a dependent on another person’s return.

See the instructions for Form 8880, Credit for Qualified Retirement Savings Contributions, for the definition of a full-time student.

Amount of the Credit

The amount of the credit is 50%, 20% or 10% of your retirement plan or IRA contributions up to $2,000 ($4,000 if married filing jointly), depending on your adjusted gross income (reported on your Form 1040 or 1040A). Use the charts below to calculate your credit.

The Saver’s Credit offers great additional value for participating in the UTSaver TSA or DCP retirement plans. Ring in the new year by maximize your retirement and tax savings today!  Please visit us at www.utretirement.utsystem.edu to learn more, or to enroll.

Income Limits for 2017 Saver's Tax Credit Eligibility 

  Adjusted Gross Income (AGI) Range by Filing Status
Credit Percentage Married,
Filing a Joint Return
Head of Household All Other Filers
50% of your contribution Not more than $37,000 Not more than $27,750 Not more than $18,500
20% of your contribution $37,001 to $40,000 $27,751 to $30,000 $18,501 to $20,000
10% of your contribution $40,001 to $62,000 $30,001 to $46,500 $20,001 to $31,000
0% of your contribution more than $62,000 more than $46,500 more than $31,000

Income Limits for 2018 Saver's Tax Credit Eligibility 

  Adjusted Gross Income (AGI) Range by Filing Status
Credit Percentage Married,
Filing a Joint Return
Head of Household All Other Filers
50% of your contribution Not more than $38,000 Not more than $28,500 Not more than $19,000
20% of your contribution $38,001 to $41,000 $28,501 to $30,750 $19,001 to $20,500
10% of your contribution $41,001 to $63,000 $30,751 to $47,250 $20,501 to $31,500
0% of your contribution more than $63,000 more than $47,250 more than $31,500