Get Irs 8880 2022

Filing your taxes can be daunting, but understanding how to fill out Form 8880 can help you claim valuable tax credits for your retirement savings contributions. This guide provides a clear, step-by-step approach tailored to help you complete the IRS 8880 form online.

Follow the steps to successfully complete the IRS 8880 form.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Enter your name and social security number as shown on your tax return. This step is crucial as it identifies your record with the IRS.
3. In section (a), report the qualified contributions you made to traditional and Roth IRAs, as well as contributions to ABLE accounts. Do not include rollover contributions.
4. In section (b), list any elective deferrals made to a qualified employer retirement plan, along with any voluntary employee contributions for the tax year.
5. Add the totals from lines 1 and 2 to generate a sum for line 3.
6. If applicable, complete line 4 by listing certain distributions received between 2020 and the due date of your return.
7. Subtract line 4 from line 3. If this amount is zero or less, enter -0- on line 5 and stop here, as you cannot take the credit.
8. For line 6, indicate the smaller amount between line 5 and $2,000, which reflects your maximum eligible credit.
9. Sum the amounts from line 6 if filing jointly, and enter this total on line 7.
10. Refer to line 11 regarding your income and enter the applicable decimal amount relating to your filing status on line 9.
11. Multiply line 7 by the decimal amount entered in line 9 and record this figure on line 10.
12. Determine any limitations based on your tax liability, as noted in the instructions, and log this on line 11.
13. Finally, enter the smaller of line 10 or line 11 as your credit for qualified retirement savings contributions. This amount should be reported on Schedule 3 (Form 1040), line 4.
14. Once completed, you can save your changes, download the form, print it, or share it as needed.

Complete your IRS 8880 form online today to take advantage of your retirement savings credit!