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This article demonstrates how to complete Form 8880. |
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About Form 8880
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
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Completing Form 8880
Navigate to Form 8880 using the Attached Forms Tree.
Indicate whether the taxpayer/spouse was a full time student for at least 5 months, by checking the appropriate box.
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Complete the Validation Check for prior year retirement plan withdrawals by entering Y or N.
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).
Enter N, if the taxpayer/spouse did not withdraw from retirement in the 3 years prior to the current tax year (this is not asking about the current year).
Complete the 1099-R, filling in all applicable sections. Pay close attention to the state information.
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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 withdraw from retirement in the three prior years, go back to step 3 and change the Y to an N.
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