Get Irs 8880 2024-2025

If your adjusted gross income is above any of these thresholds, you aren't eligible for the saver's credit: $68,000 as a married joint filer in 2022; $73,000 in 2023. $51,000 as a head of household filer in 2022; $54,750 in 2023. $34,000 as any other filing status in 2022; $36,500 in 2023.

The saver's tax credit is available to eligible taxpayers who contribute to employer-sponsored 401(k), 403(b), SIMPLE, SEP, thrift savings plans (TSP), or governmental 457 plans. 3 It is also available to those who contribute to traditional or Roth IRAs.

Individual Retirement Accounts Contributions to both traditional and Roth IRAs are eligible for the Saver's Tax Credit. Voluntary after-tax contributions to a qualified retirement plan or 403(b) annuity also qualify for the Saver's Tax Credit.

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.

If you make certain contributions to an employer retirement plan or an individual retirement arrangement (IRA), or if you contribute to an Achieving a Better Life Experience (ABLE) account of which you are the designated beneficiary, you may be able to take a tax credit.

Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k) Distributions from a military retirement plan (other than the federal Thrift Savings Plan) Distributions from an inherited IRA by a nonspousal beneficiary.

Use Form 8880 to figure the amount, if any, of your retirement savings contributions credit (also known as the saver's credit). claimed on Schedule 1 (Form 1040), line 20.