Get Irs 8880 2024-2025

Filling out the IRS Form 8880 can help you determine if you qualify for a credit for your retirement savings contributions. This guide provides clear and supportive instructions on how to complete the form online, ensuring you can accurately assess your eligibility for this valuable credit.

Follow the steps to fill out the IRS Form 8880 online

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Begin by entering your social security number in the designated field at the top of the form.
3. Provide your name, as it is shown on your tax return, in the corresponding field.
4. Check if you meet the eligibility requirements stated in the caution box at the top of the form, such as income limits and dependency status.
5. In lines 1 and 2, input the amount of your contributions to qualified retirement accounts as specified (e.g., traditional or Roth IRAs). Ensure you only include contributions that qualify.
6. Calculate the total by adding lines 1 and 2. Input this total on line 3.
7. Enter any distributions you received after 2021 and before the due date of your 2024 return on line 4. Only include distributions that qualify according to the stated guidelines.
8. Subtract line 4 from line 3 and enter the result on line 5. If the result is zero or less, enter -0-.
9. For line 6, in each column, enter the smaller amount of line 5 or $2,000.
10. Add the amounts from line 6 and enter the total on line 7. If this total is zero, stop here, as you cannot take this credit.
11. Enter the amount from your Form 1040, 1040-SR, or 1040-NR, line 11 on line 8.
12. Determine the applicable decimal amount based on your filing status and income range. Enter this amount on line 9.
13. If line 9 is zero, stop; you cannot take this credit. Otherwise, multiply line 7 by line 9 and enter the total on line 10.
14. Complete the Credit Limit Worksheet if necessary to determine the amount for line 11, ensuring accuracy in your credits.
15. Enter the smaller of line 10 or line 11 as your credit for qualified retirement savings contributions on line 12.

Complete your IRS 8880 online to potentially access valuable retirement savings credits today.