Get - Irs

Form 8880 is used to calculate your retirement savings contributions credit, also known as the saver’s credit. This guide provides a step-by-step approach to filling out the form accurately and efficiently, ensuring you understand each component along the way.

Follow the steps to fill out Form 8880 online.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering the names as shown on your tax return in the designated section of the form.
3. Provide your social security number in the corresponding field to accurately identify your tax records.
4. On lines 1 and 2, report your traditional and Roth IRA contributions for the year and any elective deferrals made to a qualified retirement plan.
5. Add the amounts from lines 1 and 2 on line 3 and ensure you're aware of any distributions received before the due date of your tax return.
6. If applicable, summarize any distributions received from your retirement plans on line 4, keeping in mind any exceptions outlined in the instructions.
7. On line 5, subtract line 4 from line 3; if the result is zero or less, enter -0-.
8. On line 6, enter the smaller amount between line 5 or $2,000 for each contributor.
9. Total the amounts from line 6 and proceed to line 8, where you need to enter your modified adjusted gross income from your tax return.
10. Determine the applicable decimal amount for line 9 based on your income and filing status.
11. Multiply the amount from line 7 by the decimal from line 9 to find the credit amount before adjustments.
12. Ensure you have entered all other credits on line 11 and then subtract this from line 10.
13. Finally, enter the smaller amount between line 10 or line 13 on the designated line of your tax return (Form 1040, line 50).

Complete your documents online to ensure timely and accurate submission.