Uncle Sam wants you to save for retirement. However, saving for retirement can be difficult, especially if your income isn’t very high. The saver’s credit – in IRS parlance, the “Credit for Qualified Retirement Savings Contributions” – can help by giving you up to a $1,000 non-refundable tax credit.
To take advantage of this credit, you need to make a contribution to a traditional or Roth IRA by April 15, 2014, or have contributed to your 401k (or similar workplace retirement arrangement) by December 31, 2013. In addition, you must meet the income restrictions for your filing status and other requirements as well.