\n ![\"\"](\"https:\/\/www.wfaa.com\/assets\/shared-images\/icons\/arrow-circle-down.svg\"){kind=icon}
<\/p>\n
\n This story continues below.
<\/p>\n
What is the Saver’s Match program? <\/p>\n
The IRS said the Saver’s Match program<\/a> is designed for people with low and moderate income. The federal government will match up to 50% of a person’s contribution toward their retirement account.<\/p>\n A person who’s eligible and contributes to a retirement plan or Individual Retirement Account (IRA) can claim the Saver’s Match when filing their 2027 federal tax return in 2028.<\/p>\n The program is set to begin in 2027 and will replace the Saver’s Credit program<\/a>, where people could take a tax credit for making eligible contributions to their IRA or retirement plan. The IRS said contributions to ABLE accounts\u00a0<\/a>could still be eligible for the Saver’s Credit.<\/p>\n Under the Saver’s Match program, a match of up to $1,000 per person each year will be deposited directly into a person’s designated retirement account. If a married couple is filing jointly, the match applies to each spouse.<\/p>\n
To qualify for the Saver’s Match program, a person must meet the following requirements:<\/p>\n \u2014 Make contributions to your retirement plan or IRA (there is no minimum amount).<\/p>\n \u2014 Be 18 years old at the end of the tax year.<\/p>\n \u2014 Not be claimed as a dependent on another person’s return.<\/p>\n \u2014 Be a U.S. resident for tax purposes.<\/p>\n A person’s modified adjusted gross income and filing status could affect whether they qualify and what percentage match they would receive.<\/p>\n
\nWho qualifies for the Saver’s Match program? <\/p>\n