Can i use my retirement as a savings credit?

I'm a corrections officer and i have a deducted amount each pay period. Can i use the amount already in my retirement as a savings credit??

Public Comments

1. The saver's credit is available to a limited number of taxpayers as it has income limitations. For those in the correct income ranges, both current 401k and IRA contributions can be used to figure the credit on Form 8880. Sue from H&R Block This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more.
2. Only what is contributed that year, and only if you qualify. Money in the fund before that year doesn't count toward the credit.