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Internal Revenue Code of 1986

The main body of tax laws in the United States, which outlines rules for income tax, deductions, credits, and other tax-related matters.

Saver's Credit (Retirement Savings Contributions Credit)

A tax credit designed to help low and moderate-income taxpayers offset the cost of saving for retirement by contributing to an IRA, 401(k), or similar plan.

Saver's Match

A new provision under the SECURE 2.0 Act that, starting in 2027, will provide a government matching contribution directly into the retirement accounts of eligible low and moderate-income individuals, replacing the current Saver's Credit.

Section 151 (of the Internal Revenue Code)

The part of tax law that allows taxpayers to claim deductions for dependents, such as children, on their tax returns.

Dependent

An individual (often a child or qualifying relative) whom a taxpayer can claim on their tax return to potentially reduce their taxable income or qualify for certain tax benefits.

Taxable Year

The accounting period for which taxes are figured and paid, usually a calendar year (January 1 to December 31) for most individual taxpayers.