Tax Season: Are you eligible for the Saver’s Credit?

The deadline to file your 2022 tax return is April 18, 2023. Don’t miss out on a potential opportunity to receive a credit because of your retirement savings!

The Retirement Savings Contributions Credit, commonly referred to as the Saver’s Credit, is available to eligible Participants who contributed to the YMCA Retirement Fund’s tax-deferred 403(b) Smart Account in 2022.

Who is eligible?

You are eligible for the Saver’s Credit if you are age 18 or older, not claimed as a dependent on another person’s tax return, and not a full-time student. You must also meet the following adjusted gross income (AGI) requirements:

  • Single with AGI up to $34,000
  • Head of Household with AGI up to $51,000
  • Married Couple Filing Jointly with AGI up to $68,000
How much is the credit?

The Saver’s Credit amount you may receive varies. Depending on your filing status and AGI, you can claim a tax credit worth 50%, 20%, or 10% of the contributions you made to your 403(b) Smart Account in 2022. The maximum contribution amount that may qualify for the credit is $2,000 ($4,000 if married filing jointly), making the maximum credit $1,000 ($2,000 if married filing jointly). Use the chart below to calculate your credit.

2022 Saver’s Credit (Source: IRS)
Credit Rate Married Filing Jointly Head of Household All Other Filers*
50% of your contribution AGI not more than $41,000 AGI not more than $30,750 AGI not more than $20,500
20% of your contribution $41,001 – $44,000 $30,751 – $33,000 $20,501 – $22,000
10% of your contribution $44,001 – $68,000 $33,001 – $51,000 $22,001 – $34,000
0% of your contribution more than $68,000 more than $51,000 more than $34,000

*Single, married filing separately, or qualifying widow(er).

If you are eligible for the Saver’s Credit, more information can be found at If you meet the eligibility criteria, then you can claim the credit using Form 8880.

Take Advantage of the Saver’s Credit for 2023!

If you did not contribute to the Fund’s 403(b) Smart Account in 2022, you could start saving this year to potentially claim the Saver’s Credit on your 2023 tax return! Open a 403(b) Smart Account with the Fund by filling out this form and submitting it to your Human Resources Department.

February 7, 2023