The Retirement Savers Credit

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
The Retirement Savers Credit

Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to This is a one-minute moment.

Dr. Friday 0:12
Something that I find that a lot of people don’t take advantage of, and is the Retirement Savers Credit. So in 2022, the brackets that come in this is for IRAs, 401 K’s, 403 B’s, SEPs. All them. There’s a maximum credit. That means a total deduction of $2,000 for joint filers $1,000 for individuals, the cap of 50% 20%, or 10% of your contribution and it does means test out at 34,000 for a single person. 51 for the head of household and 68 for married, but you might want to think about putting a little money in savings could actually put a little money in your pocket.

Announcer 0:51
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