The Internal Revenue Service (IRS) and the Department of the Treasury plan to propose regulations for a federal retirement savings incentive program, including eligibility criteria and income thresholds for qualifying for such benefits.
Aimed at low- and moderate-income taxpayers, the IRS Saver’s Match is a new federal program that seeks to promote retirement savings. In general, Saver’s Match will replace the existing Saver’s Credit program for taxable years beginning in 2027.
Under the program, the government will provide eligible taxpayers up to 50 percent of the first $2,000 in retirement savings contributions made to an employer-sponsored retirement plan or IRA.
The amount caps at $1,000 annually and will be paid to eligible individuals beginning in 2028 based on the retirement contributions they made in the 2027 tax year, the IRS said in an Aug. 7 statement. …
IRS to Propose Retirement Regulations Impacting Millions of Taxpayers
