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Form 8880 online LA: What You Should Know
What is a Qualified Retirement Savings Contribution? What is an Early Distribution of a Retirement Account? How the IRS Establishes Saver's Credit Amount When determining a person's entitlement to a Saver's Credit, the IRS considers four factors: the age of the person making the contribution; how much was contributed; the type of retirement-savings qualified savings contribution; and the retirement account to which the contribution was made. A person's age does not matter. The person can be older than 65 years old or younger than 55 years old. Age does not change the amount of the credit. You may have more or less than the allowable credit amount. See: Estimating the Saver's Credit Qualifications to Claim a Credit If you are a person who qualifies for the Saver's Credit (in the last 3 tax years, and all the last 10 years), you may claim up 5% of the credit if: You made eligible contributions using your regular filing status for 2025 to 2025 (see Form 1040 for more information); and A person making these contributions at least the taxable income amount for the year plus the standard deduction for that year (6,350) was your qualifying retirement savings for 2025 to 2025 (see line 27 in Part II); and Your contributions were at least 5% of the amounts contributed by all taxpayers (3,350) who made eligible contributions and received a benefit in 2025 to 2025 from the IRA-type retirement savings plans, such as an Individual Retirement Arrangement or employer-sponsored retirement savings plan, the Retirement Savings Contributions Act of 2013, or other similar plans; and (and) You have, before the end of the year for which you claim the credit, the required minimum number of months of contribution for the Saver's Credit to be included (see line 14). A qualified retirement savings contribution for 2025 to 2025 is the income amount for 2025 to 2025 less the deductions you claimed for the year. You can figure the Saver's credit for a person's contributions during 2025 to 2025 if your spouse was able to make that contribution for 2025 to 2018. See Line 14 of Part II, page 7 for a list of allowable deductions for 2025 to 2018.
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