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OK online Form 8880: What You Should Know

Reminder: It's Tax Time again Nov 27, 2025 — It's tax time again. Be sure to print off your tax return forms before you go to your local tax office on January 2nd, 2025 to make sure you have all the required forms, and pay the correct filing fees. Form 8880, Credit for Qualified Retirement — IRS Use Form 8880 to figure the amount of your retirement savings contribution credit (also known as the saver's credit), and the amount you must  Add Up Your Retirement Savings Contribution As discussed in a previous article, the IRS requires you to subtract the amount of your deductible 401k or SEP IRA contributions (which is usually 10%) from the amount of your qualified retirement savings contributions (which is usually 20%) to figure your credit. See our detailed article for more detailed details. How to Add Up Your 401k or SEP IRA Contribution Amounts  If your 401(k) or IRA deduction was 10% or more, you'll only need to use Form 1040X. If your deduction was lower than 10% but higher than 20%, use Form 8870. Add Up Your Contribution Amounts As discussed in our previous posts, your annual contribution limits will be reduced by 4,000 for taxpayers over age 60 at the time their contributions are made. If there is one contribution option you'll receive for 2018, it will  Be a Special Matching Contribution If you are age 50 or younger, there can be a special match for eligible withdrawals, including 403(b)s and 403(b) plans. Your match is a percentage of your investment earnings for a limited time (generally three to five years), and may be a higher percentage to those over age 50 if more than 50% of eligible income  Qualifying Retirement Plan Contribution — IRA Matching Contribution: Matching contribution for 403(b) plans. Matching contribution for 401(k) plans. Matching contribution for certain governmental 457(b) plans. Matching contribution for certain corporate 457(b) plans. Qualifying retirement funds may include 401(k), 403(b), 457(b), SEP, SIMPLE, and defined contribution(s) (including Roth IRAs and Keogh plans) not includable in gross income. (These plans are also referred to as “defined contribution plans.

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