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Form 8880 Credit for Qualified Retirement Savings Contributions
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f8880.pdf

Form Instructions

INSTRUCTIONS : CREDIT FOR QUALIFIED RETIREMENT SAVINGS CONTRIBUTIONS (Form 8880)
Form 8880 is a United States Internal Revenue Service tax form used to apply for tax credits for qualified retirement savings contributions. This tax credit can apply to various retirement savings plans, including Roth IRAs, 401k, 403b, and other IRAs.
A Form 8880 can be obtained through the I.R.S' website or by obtaining the documents through a local tax office.
The form must be submitted along with your regular income tax return forms, usually the 1040. It can only be applied for individuals who earned less than $28,250, head of households earning less than $42,375, or joint filers earning less than $56,500

1. Enter your name and social security number at the top of the form.

2. Enter your IRA contributions on line 1 for both you and your spouse.

3. Enter any elective deferrals or qualified plans on line 2 for both you and your spouse.

4. Add the amounts from lines 1 and 2 and enter the total amount on line 3.

5. Enter the certain distributions on line 4 for both you and your spouse on line 4. Only use amounts after 2008 and before the due date. If filed jointly, add up the total in each you and your spouse's box on line 4.
6. Next, subtract line 4 from line 3. If less than 0, enter 0 on line 5.

7. For line 6, enter the smaller of line 5 or $2,000 in each box.

8. Add the amounts together on line 6 and enter this total on line 7.

9. Enter your income from Form 1040 line 38 on line 8.

10. Multiply your qualified amount by the decimal corresponding to your income on line 9. Enter the amount on line 10.

11. Complete the form by entering the appropriate amounts on lines 12 and 13.

12. Your credit for qualified retirement savings will be the amount in box 14, determined by the smaller of line 10 or 13. You must enter this amount on the correct line in your 1040 tax return.

13. Once completed, submit the Form 8880 with your regular tax return. As with all tax forms, keep a copy for your records.

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