20SomethingFinance

One of my favorite tax credits in the entire U.S. tax code was the Saver’s Credit (aka the ‘Retirement Savings Contribution Credit’). With that credit, income-eligible individuals could get up to a 50% non-refundable tax credit on up to a $2,000 contribution to an IRS-qualified retirement plan. Big news: the Saver’s Credit is being replaced by the new ‘Saver’s Match’ starting...

This Saver’s Tax Credit article has been updated for the 2026 and 2027 tax years. The Saver’s Credit (aka the ‘Retirement Savings Contribution Credit’) will undergo a big change in 2027, as it will be replaced for retirement contributions by the new Saver’s Match. This article will cover both the old (2026 tax year) Saver’s Credit as well as the SECURE 2.0 Act updates that be...

This maximum 401K contribution article has been updated for the 2026 and 2027 tax (calendar) years and contains historical data on prior years. The IRS has announced the 2027 maximum 401K contribution limit for employees, which is the max amount that employees can legally contribute to 401Ks in a given calendar year. The 2027 maximum 401K contribution limit will be $25,500, w...

This article on maximum IRA contributions has been updated for the 2026 and 2027 tax years. The IRS has announced the 2026 maximum IRA contribution limit, which is the max that individuals can contribute to their IRAs in a given calendar year. The 2026 maximum IRA contribution limit will remain at $7,500, with no increase over the 2026 maximum IRA contribution limit. Read on ...

This HSA overview has been updated for the 2026 & 2027 tax years. A number of years ago, I had moved from a traditional PPO health insurance plan to a high deductible health plan (HDHP) that was paired with a health savings account (HSA) during my employer’s open enrollment period. Why? I was young, healthy, and I hadn’t been to the doctor more than a few times in the las...