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Form 8880 ND: What You Should Know

The Credit for Qualified Retirement Savings Contributions (or the Saver's Credit) is a tax credit, which, as a nonrefundable tax credit, may be earned on your behalf before you have to pay tax. You can claim the tax credit in one of a few ways: The Form 8860 or 8860-Q, Qualified Retirement Savings Contributions, if you are age 59 1/2 or older If you make at least 18,500 (or the amount of contributions needed to generate a first 1% of your AGI) during a tax year You claim the credit on line 23 of Form 1040, 1040A, 1040EZ, 1040F, 1040G, or 1040H. If you make any eligible contributions. You may be able to use your state Form 8860P to get a 1,000 credit. Use the state forms in How to use your state credit below. The credit must be used within 12 months of the tax return filing date. How to Use your State Credit If the filing status is Filing If your filing status is:Ā (1) Married filing jointly.Ā (2) Married filing separately.Ā (3) Head of Household. The total contributions to the Individual Retirement Arrangements (IRA) you contribute over the course of the year is 5,500.Ā  IncomeĀ  The amount you figure on your return for the year is 37,000. Add the following amounts to that amount using income tax tables below: If you are married filing jointly TotalĀ contributions to your retirement plans for the year 0, 0, and 5,500. Add the following amounts to your Form 4865, Contributions to Your IRA (Not for Tax Purposes) : 1,000 and 6,500. Add the following amounts to your Form 6252, Additional Amounts to be Attributed to a 401(k) Plan; and the sum of your contributions is 1,250. If you are married filing separately You need to get at least the following information: Net Investment Income, IRA contributions made during the year and other qualifying expenditures. Add the following amounts to the amount you figure on your Form 4865, IRA Income: If you are married filing separately To find the deduction to claim the Saver's Credit, you fill out Form 8880.

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