Treasurer Read Encourages Oregonians To Take Advantage Of ‘Saver’s Credit’
Taxpayers can get a credit worth as much as $2,000 if they contribute to qualified retirement plans, such as the new OregonSaves.
Saving money for retirement can also help you save on your taxes.
That’s good news for all Oregonians who are doing the right thing and setting aside money for retirement. You could be eligible if you are saving:
- on your own with a qualified plan like an Individual Retirement Arrangement (IRA).
- at work with an employer-based plan like a 401(k) or SIMPLE-IRA.
- at work via pioneering OregonSaves, the first-in-the-nation state-based program that launched this year and is helping thousands of people to save for the first time.
The federal Retirement Savings Contributions Credit – also known as the “Saver’s Credit” — lets taxpayers claim a credit of 50 percent, 20 percent or 10 percent of retirement plan or IRA contributions, depending on income, for the 2017 tax year, for up to $2,000 per filer.
“Your future quality of life is directly tied to your financial security,” said State Treasurer Tobias Read, the chair of the Oregon Retirement Savings Board. “Tools like the Saver’s Credit and OregonSaves are making it easier for Oregonians to invest in ourselves.”
Oregonians can qualify for the credit if they earned $42,500 or less and file as head of household, $62,000 or less and file jointly, or $31,000 or less if they’re using any other filing status.
It’s not too late to take advantage of the credit, if you are eligible. The IRS has a fact sheet about the Saver’s Credit and how to claim it.
If you do not have a retirement savings option available at work, then OregonSaves is for you.
Launched by the Oregon State Treasury, OregonSaves is a public-private partnership and available to Oregon workers whose employers do not offer a retirement savings option. Some 1 million Oregonians do not have the ability to save at work, according to market research. At the same time, people are 15 times more likely to save if there is a workplace-based option.
To learn more, visit www.OregonSaves.com and see a short video at https://www.youtube.com/watch?v=mNNTj4Qwayg
The Oregon Treasury does not collect or process taxes. Any Oregon tax-related questions should be referred to the Department of Revenue.
The Oregon State Treasury protects public assets, saves money, and helps Oregonians to invest in themselves and their families through empowerment programs like the Oregon 529 Savings Network and OregonSaves. Treasury oversees public investment, banking, and debt management services. State investment policies are set by the Oregon Investment Council. Treasury also promotes public outreach and education to help Oregonians learn strategies to save money and make smart financial choices.
