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Form 8880 North Carolina: What You Should Know
The Form 8880 determines the amount of the savings contribution for which you would be eligible to claim a tax credit. The amount you can claim will depend on the length of your retirement and how much you have contributed to traditional IRAs and Roth IRAs; the amount that you can claim won't decrease after your retirement. How You Can Save on Tax Bills Learn how you can save more on your federal taxes with the Saver's Credit for Retirement Investment Contributions for Retirement Savings Contributions and Investment Return Expenses and IRS Information on How to File a Tax Return With Certain Required Documentations. Additional Resources If you have a question about the Saver's Credit, please go to this FAQ page and search “SAVER” to find the answer. Also remember to download IRS Tax Forms and Publications. Also see the links on this page. The Saver's Credit may be available to you because you or someone you own or manage is receiving retirement compensation from a company — an employer, a mutual fund or an insurance company. If the credit is available to you, the credit is not available if all the following conditions apply: You work for the company but do not receive the retirement compensation. The company did not offer to help you qualify for the credit. Your employer didn't include this in income on your income tax return. The plan administrator didn't include these amounts in your paycheck on account of contributions to your pension or retirement plan. The employer has an arrangement with one or more other organizations that will pay the credit or reimburse you for the refund the company pays. You have income from a pension plan for which the retirement compensation is in the form of retirement income (see IRA Distributions, below). The plan has been in existence for more than one year (or the company has a plan that was established more than one year ago that meets the requirement of the Act). The contribution for which you are eligible is less (or not) than 10,000 (or the actual amount, if you can't determine the dollar amount in your circumstances, is less) You do not receive a contribution credit for any contribution you make to a qualified retirement plan. You don't receive a contribution credit for any contribution you make to a qualified retirement plan for which you are eligible or any contribution you make to a qualified retirement plan on account of retirement income.
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