Form 8880, Credit for Qualified Retirement Savings Contributions

• Used to figure the amount of allowable retirement savings contributions credit (saver's credit).

• Form 8880 automatically populates for eligible taxpayers, who have retirement entries on their W-2 form in box 12.

Completing Form 8880

1. Navigate to Form 8880 using the Attached Forms Tree.
   

2. Indicate whether the taxpayer/spouse was a full time student for at least 5 months, by checking the appropriate box.
   
   Hosted/Desktop

   

   CLO

   

   
   

3. Complete the Validation Check for prior year retirement plan withdrawals by entering Y or N.

   1. Enter Y, if the taxpayer/spouse withdrew from retirement in the 3 years prior to the current tax year (this is not asking about the current year).

   2. Enter N, if the taxpayer/spouse did not withdrawal from retirement in the 3 years prior to the current tax year (this is not asking about the current year).
      
      Hosted/Desktop

      

      
      CLO

      

      
      

4. If you answered Y in the Validation Check, you will need to enter the total of all retirement distributions in Line 4b for the taxpayer or spouse.

If this box is populating and the taxpayer/spouse did not withdrawal from retirement in the three prior years, go back to step 3 and change the Y to an N.

Hosted/Desktop

CLO