Form 8880 for Orange California 2024-2025

Form 8880 for Orange California: What You Should Know

If your income falls on or before February 1, 2020, you may be able to claim the Saver's Credit even if you don't have retirement accounts under “qualified plan.” Note: Even if you don't get the credit this year, your Saver's Credit can be used on future years. What is this Credit for Retirement Savings Contributions? The Saver's Credit is an income tax credit for contributions made to a tax-favored retirement account. It is available to any taxpayer who was age 60 or older on the day before your final tax filing date for the tax year (January 31) and who made less than the annual contribution limit in the “Qualified Retirement Account” for that year. The Saver's Credit is the difference between the amount you contributed in 2025 (the Tax Year) and the amount you could have made if the contributions were taken account in 2025 (the Tax Year). The limit is the amount by which your required contributions for the Tax Year of your original retirement are lower than your total earnings. In 2016, that amount is 18,000. If you have more than one Qualified Retirement Account for the Tax year, the credit is in addition to any other credit, deduction or exclusion allowed by law. What are the requirements for claiming the Credit for Qualified Retirement Savings Contributions? The Saver's Credit is based on tax and required contribution limits. Generally speaking, the requirement for qualifying for the credit is at least: (a) at least 18,000 of additional contributions to an eligible retirement plan, or (b) at least 5,000 more than the required employer contribution of the highest individual eligible to make contributions to any qualified retirement plan. The actual limit for any individual is 5500. You still can't claim the Saver's Credit if one or more of your employers contributed to your retirement plans in violation of the law. There is a penalty for failing to meet tax-reporting requirements and if you are not a U.S. citizen or resident, you will be subject to a civil penalty of 100 if convicted. The IRS can request more information or documents from you or your tax preparer. The Credit for Qualified Retirement Savings Contributions is not available if the tax return does not have your Social Security Number. Form 8880 is not available via IRS Web Forms.

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