The Saver's Credit is a tax credit up to $1,000 ($2,000 if married filing joint) for mid- and low-income taxpayers who contribute to a retirement account. Contributions to the Xiggit IRA qualify as contributions for the Saver's Credit.
To be eligible for the saver's credit you must be at least 18 years old, not a full-time student, and not claimed as a dependent. Your adjusted gross income on your taxes can't be above:
|Tax Filing Status||2021||2022|
|Married Filing Joint||$66,000||$68,000|
|Head of Household||$49,500||$51,000|
|Single and other filing statuses||$33,000||$34,000|
Consult with a tax advisor to determine if you qualify and how much of a tax credit your will receive.