The Internal Revenue Service (IRS) and the Treasury are preparing to launch a new program aimed at boosting the retirement savings of low and moderate-income Americans by offering taxpayer-funded matching contributions of up to $1,000 annually, deposited directly into their retirement accounts.
The Saver’s Match, introduced as part of the SECURE 2.0 Act, will replace the current Saver’s Credit. Unlike the nonrefundable Saver’s Credit, which only reduces taxes owed, the Saver’s Match offers up to $1,000 in direct contributions to a taxpayer’s retirement account.
The IRS expects this shift to provide greater benefits, particularly for those with little to no tax liability, by enhancing their retirement savings rather than just lowering their taxes.
The agencies are seeking public input on how best to implement the Saver’s Match program, set to launch in 2027. They are particularly focused on simplifying the process for claiming the matching contribution and ensuring that retirement plans and individual retirement accounts (IRAs) can easily accept the contributions, according to a Sept. 5 IRS press release.
Read Full Article Here
IRS Plans Changes to Boost Retirement Savings With $1,000 Saver’s Match Program
- by: Tom Ozimek
- 09.06.24
- Source:
The Epoch Times
- 09/06/2024
Follow us
Read our latest news on any of these social networks!
Get latest news delivered daily!
We will send you breaking news right to your inbox
Have a tip? Let us know!
Recent Articles
- by: Ryan King and Carl Campanile
- Source:
NY Post
- 06/30/2025
Zohran Mamdani doubles down on plan to target ‘whiter neighborhoods’ with higher taxes — and says billionaires shouldn’t exist
Socialist New York City mayoral candidate Zohran Mamdani doubled down Sunday on his plan to jack up property taxes on “richer and whiter neighborhoods” — while asserting billionaires shouldn’t exist.
- by: Associated Press
- Source:
Daily Kos
- 06/30/2025
Trump's tax and spending cuts bill clears key Senate vote as Republicans race to pass it by July 4
Senate Republicans voting in a dramatic late Saturday session narrowly cleared a key procedural step as they race to advance President Donald Trump's package of tax breaks, spending cuts and bolstered deportation funds by his July Fourth deadline.
- by: MARK SHERMAN and LINDSAY WHITEHURST
- Source:
AP News
- 06/27/2025
Supreme Court meets Friday to decide 6 remaining cases, including birthright citizenship
The Supreme Court is meeting Friday to decide the final six cases of its term, including President Donald Trump’s bid to enforce his executive order denying birthright citizenship to U.S.-born children of parents who are in the country illegally.
- by: ASSOCIATED PRESS
- Source:
Daily Mail
- 06/27/2025
Kennedy´s advisers back flu vaccination, but not shots with a rarely used preservative
The Trump administration´s new vaccine advisers on Thursday endorsed this fall´s flu vaccinations for just about every American - but only if they use certain shots free of an ingredient antivaccine groups have falsely tied to autism.