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Do You Qualify for a Saver’s Credit?

You could be eligible for a federal tax credit just by deferring to your Ohio DC account.

The Saver’s Tax Credit rewards low- and moderate-income taxpayers saving for retirement who meet certain qualifications.

How much is the Saver’s Credit?

The Saver’s Tax Credit depends on your adjusted gross income level, your filing status, and your contribution amount. The amount can be up to $1,000 based on contributing $2,000 (double those numbers if married filing jointly). The chart below can help calculate your credit.

Filing Status/Adjusted Gross Income for 2019


Amount of Credit Joint Head of Household Single/Others
50% of first $2,000 deferred $0 to $38,500 $0 to $28,875 $0 to $19,250
20% of first $2,000 deferred $38,501 to $41,500 $28,876 to $31,125 $19,251 to $20,750
10% of first $2,000 deferred $41,501 to $62,000 $31,126 to $48,000 $20,751 to $32,000



Filing Status/Adjusted Gross Income for 2018


Amount of Credit Joint Head of Household Single/Others
50% of first $2,000 deferred $0 to $38,000 $0 to $28,500 $0 to $19,000
20% of first $2,000 deferred $38,001 to $41,000 $28,501 to $30,750 $19,001 to $20,500
10% of first $2,000 deferred $41,001 to $63,000 $30,751 to $47,250 $20,501 to $31,500


Example: Dana, an employee of the State of Ohio, is married and earned $30,000 in 2019. Dana’s husband was unemployed in 2019 and didn’t have any earnings. Dana contributed $1,000 to her Ohio DC account in 2018. After deducting her Ohio DC contribution, the adjusted gross income shown on her joint return is $29,000. She can claim a 50 percent credit, $500, for her $1,000 Ohio DC deferral.

Learn more about the Saver’s Credit

Information provided by Account Executives is for educational purposes only and not intended as investment advice. Please contact your tax advisor for more information. Investing involves market risk, including possible loss of the money invested.

al purposes only and not intended as investment advice. Please contact your tax advisor for more information. Investing involves market risk, including possible loss of the money invested.
NRW-4225OH-OH.2
NRW-4225OH-OH.2
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NRW-2913AO.1
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