Last Updated : January 14, 2009
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8880

Form 8880

Credit for Qualified Retirement Savings Contributions

This Form is used to figure the amount of retirement savings contribution credit.

Taxpayer may be able to take this credit if taxpayer (or spouse if filing jointly), made

  1. contributions (other than rollover contributions) to a traditional or Roth IRA,
  2. elective deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan,
  3. voluntary employee contributions to a qualified retirement plan as defined in section 497(d), or
  4. contributions to a 501(c)(18)(D) plan.

However, taxpayer cannot take the credit if either of the following applies:

    1. If Adjusted Gross Income is more than $25,000 ($37,500 if HOH, $50,000 if Married filing jointly)
    2. The person(s) who made the qualified contributions or elective deferral:
      • was under age 18, and
      • is claimed as a dependent on someone else’s 2006 tax return, or
      • was a student.

Line 1:
The amount on this line comes from Line 9 of IRA Wkt. Double click on this line to open this form.

Line 2:
The amount on this line flows from Form W-2 and W-2GU, box 12 with codes D,E,F,G,H,S,AA, or BB and box 14 (if checkbox on right side of the form W-2/W-2GU is checked). See the instruction of Form W-2 for the description of these all codes.

The amount of inner column on line 2 is also added in calculation of outer column.

Line 4:
Required to study

Line 9:
The decimal amount for this line is given in Form pdf of Form 8880. The program enters the decimal amount on the basis of the amount on line 8 and the filing status of the taxpayer. If line 9 is “0” then credit is not available to taxpayer.

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