IRS Is Rewarding Retirement Savers With Up to $2,000 -- are You Eligible?

Be sure to take advantage of the Saver's Credit if you want to increase your tax benefits this year.

This tax break, which was formerly known as the Retirement Savings Contribution Credit, is offered to low- and moderate-income people who put money away for their retirement.

If you file your taxes jointly as a married couple ($1,000 if you file separately), you can receive a credit worth up to $2,000 in total.

If you're aiming to cut your tax burden in half or eliminate it entirely, the Saver's Credit may be helpful.

If your salary rises above a specific level, you won't be qualified for the Saver's Credit. We'll outline the guidelines so that, if you meet the requirements, you can utilize this credit.

Many Americans are leaving money on the table, according to the most recent Transamerica Center for Retirement Studies survey.

Only 46% of the more than 5,800 workers questioned are aware that the Saver's Credit is available.

If you are 18 years of age or older, not enrolled in school full-time, or are claimed as a dependant on another person's tax return, you may be eligible to benefit from this credit.