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Employee Benefits : Savers' Tax Credit
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Overview

If you make contributions to the Supplemental Retirement Plan (SRP) or to an IRA, you may be eligible for a tax credit, called the "saver's tax credit." This credit could reduce the federal income tax you pay. The amount of the credit is based on the contributions you make, your adjusted gross income and your filing status. The maximum contribution taken into account for the credit is $2,000 for an individual, or $2,000 each for you and your spouse.

Eligibility

The credit is available to you if you:

  • are 18 or older, and
  • are not a full-time student, and
  • are not claimed as a dependent on someone else's return, and
  • have adjusted gross income (shown on your tax return for the year of the credit) that does not exceed:
    • $50,000 if you are married filing jointly,
    • $37,500 if you are a head of household with a qualifying person, or
    • $25,000 if you are single or married filing separately.

Credit Table

Filing Status Joint Filers Head of Household Other Filers Credit Maximum Credit
Adjusted Gross Income Amounts $0 - $30,000 $0 - $22,500 $0 - $15,000 50% $1,000
Adjusted Gross Income Amounts $30,001 - $32,500 $22,501 - $24,375 $15,001 - $16,250 20% $400
Adjusted Gross Income Amounts $32,501 - $50,000 $24,376 - $37,500 $16,251 - $25,000 10% $200
Adjusted Gross Income Amounts Over $50,000 Over $37,500 Over $25,000 0% $0
Contact Information
Human Resources
400 E. University Way
Ellensburg, WA 98926
Mail Stop 7425
(509) 963-1202
Fax: (509) 963-1733
humanres@cwu.edu
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