If you’re planning for your retirement by building a savings through an IRA or 401(k) plan, there’s a god chance you may qualify for a special tax credit. The Saver’s Credit is available to those with retirement plans, and can help reduce your tax liability. Also known by its extended name, The Retirement Savings Contribution Credit, the Saver’s Credit can provide a maximum benefit of up to $2,000 for married couples who file jointly ($1,000 for single taxpayers).

Eligibility requirements are based on annual income and the filing status you choose. In order to qualify for the credit for the 2014 tax year, you’ll have to meet the following criteria:

• A single taxpayer or married couple filing separately who has earned no more than $30,000
• Filing as Head of Household with an annual income of up to $45,000
• Married Filing Jointly taxpayers who have a combined income of up to $60,000

The Saver’s Credit has additional rules that may affect your eligibility. You have to have been at least 18 years old and not considered a full-time student for the year. Also, you can’t be listed as a dependent on anyone else’s return.

Obviously, you must have actually put money into a workplace retirement savings, like a 401(k) or similar by the end of 2014 if you want to claim the benefit on your tax return. Contributions to an IRA are eligible to be claimed for credit as late as the due date for tax returns, which is typically April 15, 2015.

In order to claim the credit, you’ll have to file Form 8880, Credit for Qualified Retirement Savings Contributions. If you choose to e-file, many tax software programs will do this for you.

The Saver’s Credit is only one of several tax savings you can benefit from if you save for your later years. You may be able to deduct any contributions made to a traditional IRA as well.