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This article demonstrates how to complete Form 8880. |
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About Form 8880
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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).
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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 line 4b for the taxpayer or spouse.
If this box is populating and the taxpayer/spouse did not withdrawal withdraw from retirement in the three prior years, go back to step 3 and change the Y to an N.
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