2027 IRS Notice CP321J
- Thread starter Von Jones
- Start date
Mary Stetler
Well-known member
Eligible for what?
Beth Gallagher
Well-known member
I have not received the notice, Von. I wonder if they are being sent only to eligible individuals? I'm really not familiar with the program so I'd need to do some googling.
Marie Miller
Well-known member
Saver's Match | Internal Revenue Service
Saver’s Match is a new federal benefit to grow your retirement savings.
Saver's Match | Internal Revenue Service
Saver’s Match is a new federal benefit to grow your retirement savings.
Krystal Shay
Well-known member
Are you retired @April Vee? Are you a senior citizen?
Mary Stetler
Well-known member
Ohhhhh... you must be just a kid @Von Jones .Saver's Match | Internal Revenue Service
Saver’s Match is a new federal benefit to grow your retirement savings.www.irs.gov
Hedi Mitchell
Well-known member
retired for years. never heard of this
Beth Gallagher
Well-known member
It sounds like a plan for people who are still working and saving for retirement. You need to be contributing to an active retirement account and the government will match a percentage of your contributions. I'm retired and in the distribution phase of my accounts, so no Saver's Match for me.
Marie Miller
Well-known member
It will apply with 2027 tax filings for employed US citizens.
That's how I read it. Wouldn't you have to be working in order to contribute to such a plan?
I copied this from the IRS Saver's Match website and it does state what is on the letter I received. I am retired and do not have any active retirement plan or an IRA and it says I may be eligible. So, if I understand correctly, I would need to get a new retirement plan (if I could afford it) or IRA.
On the website I also saw an income guideline.
"You don’t need to do anything in 2026. The Saver’s Match applies to retirement contributions you’ll make starting in 2027.
In 2027, take these steps:
On the website I also saw an income guideline.
"You don’t need to do anything in 2026. The Saver’s Match applies to retirement contributions you’ll make starting in 2027.
In 2027, take these steps:
- If you are able to contribute to an eligible retirement plan or have either a traditional or Roth IRA, start or continue contributing to the plan or IRA. Eligible plans include a 401(k), 403(b), or governmental 457(b) plan. There is no minimum contribution amount to qualify for a Saver’s Match.
- If you are not able to contribute to an eligible retirement plan and do not have either a traditional or Roth IRA, open a new IRA. Starting in 2027, TrumpIRA.gov will list financial institutions that offer IRAs, accept Saver’s Match contributions, and satisfy other criteria.
- Keep records of your contributions.
The only exception I see (at a very cursory glance) for retired people to contribute to a retirement plan is if a spouse is still working (has taxable Earned Income.) It's not a lot of money...capped at a 50% match for the first $2,000 contributed each year (meaning you could get no more than $1,000 each year.)
This whole concept is interesting on a lot of different financial and political levels. Part of it is to help low wage earners who have no employer retirement program (or employer matching), although it does include 401(k)s.
Beth Gallagher
Well-known member
Actually, there is no direct requirement for the retiree to be working to get the benefit, but I'm not sure how they would qualify for the income requirement otherwise. Eligibility rules exclude investment income, Social Security, and pensions, so that pretty much leaves employment income as the basis. Von, are you still working?
Here is some additional information... https://www.investopedia.com/irs-is...rement-match-find-out-if-you-qualify-12146899
Here is some additional information... https://www.investopedia.com/irs-is...rement-match-find-out-if-you-qualify-12146899
I think the "not working" scenario is when your spouse is still employed and, therefore, has Earned Income.
Beth Gallagher
Well-known member
But then the spouse would be the eligible recipient, right? Beats me.
I don't know anything about this and it doesn't apply to me, so I'll bow out of the discussion. @Von Jones , if you are still contributing to a retirement account this sounds like it could be a good deal for you.
We just got those notices this morning - two notices, each addressed to both of us. It's not very clear, but I would agree that it's probably intended for seniors who are still working.