Are savings in a myRA eligible for the Saver’s Tax Credit?
You may be able to take a tax credit for your myRA (or other Roth IRA) contributions if you meet certain eligibility requirements. Your earnings must be below certain levels you may be eligible to claim the Saver’s Tax Credit. For 2017, those levels are:
$31,000 for single filers
$46,500 for head of household filers
$62,000 for married couples filing jointly
You must also be age 18 or older, not a full-time student, and not be claimed as a dependent on another tax return to be eligible. The amount of the tax credit varies depending on your earnings and the amount of your contributions. Visit myRA.gov/roth-ira to learn more.