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For Paperwork Reduction Act Notice see back of form. Cat. No. 33394D Form 8880 2003 Section references are to the Inter nal Revenue Code.

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Related content

Form 8880 - Internal Revenue Service
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Your Adjusted Gross Income (AGI) must fall below the income limits for your filing status. For 2022, single filers with an AGI of $34,000 or more, head of household filers with AGI of $51,000 or more and joint filers with an AGI of $68,000 or more are ineligible to claim the credit.

Taxpayers who contribute to qualified employer-sponsored retirement plans, IRAs, or ABLE plans are required to complete IRS Form 8880 to claim the Saver's Tax Credit.

Who Has to File Form 8880? Anyone who intends to claim the saver's credit on their taxes will need to file Form 8880; however, not everyone is eligible to receive the saver's credit. That is determined by an individual's income.

Dependents and full-time students are also not eligible for the credit. Use Form 8880PDF to determine the rate and amount of the credit. Claim the credit on Form 1040, U.S. Individual Income Tax Return, Form 1040-SR, U.S. Tax Return for Seniors or on Form 1040-NR, U.S. Nonresident Alien Income Tax Return.

This is a nonrefundable credit, so it reduces the tax liability but will not be refunded if the tax liability is already at zero. A taxpayer cannot claim the retirement savings credit if either of the following applies: Their adjusted gross income is more than. $30,000 if filing Single or MFS.

To be eligible for the retirement savings contribution credit/Saver's Credit, you must meet all of these requirements: You make voluntary contributions to a qualified retirement plan for 2022. You're at least age 18 by the end of 2022. You weren't a full-time student during any part of five calendar months in 2022.

As a result, the Saver's Credit can be claimed by: Married couples filing jointly with incomes up to $68,000 in 2022 or $73,000 in 2023. Heads of household with incomes up to $51,000 in 2022 or $54,750 in 2023.

Unlike the Earned Income Tax Credit (EITC), if you work and don't owe income tax, you cannot claim the Saver's Tax Credit. Some families with children who earn moderate incomes may get a larger EITC when they contribute income to a retirement account through pre-tax salary deductions and claim the Saver's Tax Credit.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232