Irs Form 8880 For 2017 Details

The 8880 form is a tax form that has to be filed by individuals who have received certain types of income. The IRS defines the type of income that requires this filing as including interest, dividends, capital gains, retirement distribution, unemployment compensation and prizes. This post will discuss what you need to know about the 8880 Form. This post discusses how to fill out an 8880 Form for different types of income like interest or retirement distributions. You can also see examples in the blog post for filling out your individual information on Schedule B (Interest and Ordinary Dividends) and Schedule C (Capital Gains).

Here is the details about the PDF you were in search of to fill out. It will tell you how much time you will need to fill out 8880 form, what parts you will need to fill in and several other specific details.

QuestionAnswer
Form Name8880 Form
Form Length2 pages
Fillable?Yes
Fillable fields41
Avg. time to fill out8 min 42 sec
Other namesroth, print form 8880 2017, 8880 form 2017, deferrals

Form Preview Example

Form 8880

Credit for Qualified Retirement Savings Contributions

OMB No. 1545-0074

2015

 

Attach to Form 1040, Form 1040A, or Form 1040NR.

 

Department of the Treasury

 

Attachment

 

 

Internal Revenue Service

Information about Form 8880 and its instructions is at www.irs.gov/form8880.

 

Sequence No. 54

Name(s) shown on return

 

Your social security number

 

 

 

 

!

CAUTION

You cannot take this credit if either of the following applies.

The amount on Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37 is more than $30,500 ($45,750 if head of household; $61,000 if married filing jointly).

The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1998, (b) is claimed as a dependent on someone else’s 2015 tax return, or (c) was a student (see instructions).

(a) You

(b) Your spouse

1Traditional and Roth IRA contributions for 2015. Do not include rollover

 

contributions

1

 

2

Elective deferrals to a 401(k) or other qualified employer plan, voluntary

 

 

 

employee contributions, and 501(c)(18)(D) plan contributions for 2015

 

 

 

(see instructions)

2

 

3

Add lines 1 and 2

3

 

4Certain distributions received after 2012 and before the due date

 

(including extensions) of your 2015 tax return (see instructions). If

 

 

 

married filing jointly, include both spouses’ amounts in both columns.

 

 

 

See instructions for an exception

4

 

5

Subtract line 4 from line 3. If zero or less, enter -0-

5

 

6

In each column, enter the smaller of line 5 or $2,000

6

 

7

Add the amounts on line 6. If zero, stop; you cannot take this credit .

. . . . . . . . .

7

8Enter the amount from Form 1040, line 38*; Form 1040A, line 22; or

Form 1040NR, line 37

8

9 Enter the applicable decimal amount shown below:

 

If line 8 is—

 

And your filing status is—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

But not

Married

 

Head of

 

Single, Married filing

 

 

 

 

 

Over—

filing jointly

 

household

 

separately, or

 

 

 

 

 

over—

 

 

 

 

 

 

 

 

Enter on line 9—

 

Qualifying widow(er)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

---

$18,250

.5

.5

.5

 

 

 

 

 

$18,250

$19,750

.5

.5

.2

 

 

 

 

 

$19,750

$27,375

.5

.5

.1

 

 

9

X .

 

$27,375

$29,625

.5

.2

.1

 

 

 

 

 

$29,625

$30,500

.5

.1

.1

 

 

 

 

 

$30,500

$36,500

.5

.1

.0

 

 

 

 

 

$36,500

$39,500

.2

.1

.0

 

 

 

 

 

$39,500

$45,750

.1

.1

.0

 

 

 

 

 

$45,750

$61,000

.1

.0

.0

 

 

 

 

 

$61,000

---

.0

.0

.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: If line 9 is zero, stop; you cannot take this credit.

 

 

10 Multiply line 7 by line 9

. . . . . . . .

. . . . . . . . . .

 

10

 

11Limitation based on tax liability. Enter the amount from the Credit Limit Worksheet in the

instructions

11

12 Credit for qualified retirement savings contributions. Enter the smaller of line 10 or line 11 here

 

and on Form 1040, line 51; Form 1040A, line 34; or Form 1040NR, line 48

12

*See Pub. 590-A for the amount to enter if you are filing Form 2555, 2555-EZ, or 4563 or you are excluding income from Puerto Rico.

For Paperwork Reduction Act Notice, see your tax return instructions.

Cat. No. 33394D

Form 8880 (2015)

Form 8880 (2015)

Page 2

 

 

General Instructions

Section references are to the Internal Revenue Code.

Future Developments

For the latest information about developments related to Form 8880 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form8880.

Purpose of Form

Use Form 8880 to figure the amount, if any, of your retirement savings contributions credit (also known as the saver’s credit).

 

This credit can be claimed in addition to any IRA

TIP

deduction claimed on Form 1040, line 32; Form 1040A,

line 17; or Form 1040NR, line 32.

 

Who Can Take This Credit

You may be able to take this credit if you, or your spouse if filing jointly, made (a) contributions (other than rollover contributions) to a traditional or Roth IRA (including a myRA), (b) elective deferrals to a 401(k), 403(b), governmental 457(b), SEP, or SIMPLE plan,

(c)voluntary employee contributions to a qualified retirement plan as defined in section 4974(c) (including the federal Thrift Savings Plan), or (d) contributions to a 501(c)(18)(D) plan.

However, you cannot take the credit if either of the following applies:

• The amount on Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 37, is more than $30,500 ($45,750 if head of household; $61,000 if married filing jointly).

• The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1998, (b) is claimed as a dependent on someone else’s 2015 tax return, or (c) was a student.

You will need to refigure the amount on Form 1040, line

!

38, if you are filing Form 2555, 2555-EZ, or 4563 or you

are excluding income from Puerto Rico. See Pub. 590-A

CAUTION

for details.

 

You were a student if during any part of 5 calendar months of

2015 you:

Were enrolled as a full-time student at a school, or

Took a full-time, on-farm training course given by a school or a state, county, or local government agency.

A school includes technical, trade, and mechanical schools. It does not include on-the-job training courses, correspondence schools, or schools offering courses only through the Internet.

Specific Instructions

Column (b)

Complete column (b) only if you are filing a joint return.

Line 2

Include on line 2 any of the following amounts.

Elective deferrals to a 401(k) or 403(b) plan (including designated Roth contributions under section 402A), or to a governmental 457(b), SEP, or SIMPLE plan.

Voluntary employee contributions to a qualified retirement plan as defined in section 4974(c) (including the federal Thrift Savings Plan).

Contributions to a 501(c)(18)(D) plan.

These amounts may be shown in box 12 of your Form(s) W-2 for 2015.

Note: Contributions designated under section 414(h)(2) are treated as employer contributions and as such they are not voluntary contributions made by the employee. They do not qualify for the credit and should not be included on line 2.

Line 4

Enter the total amount of distributions you, and your spouse if filing jointly, received after 2012 and before the due date of your 2015 return (including extensions) from any of the following types of plans.

Traditional or Roth IRAs (including myRAs).

401(k), 403(b), governmental 457(b), 501(c)(18)(D), SEP, or SIMPLE plans.

Qualified retirement plans as defined in section 4974(c) (including the federal Thrift Savings Plan).

Do not include any:

Distributions not taxable as the result of a rollover or a trustee-to- trustee transfer.

Distributions that are taxable as the result of an in-plan rollover to your designated Roth account.

Distributions from your eligible retirement plan (other than a Roth IRA) rolled over or converted to your Roth IRA.

Loans from a qualified employer plan treated as a distribution.

Distributions of excess contributions or deferrals (and income allocable to such contributions or deferrals).

Distributions of contributions made to an IRA during a tax year and returned (with any income allocable to such contributions) on or before the due date (including extensions) for that tax year.

Distributions of dividends paid on stock held by an employee stock ownership plan under section 404(k).

Distributions from a military retirement plan (other than the federal Thrift Savings Plan).

Distributions from an inherited IRA by a nonspousal beneficiary.

If you are filing a joint return, include both spouses’ amounts in both columns.

Exception. Do not include your spouse’s distributions with yours when entering an amount on line 4 if you and your spouse did not file a joint return for the year the distribution was received.

Example. You received a distribution of $5,000 from a qualified retirement plan in 2015. Your spouse received a distribution of $2,000 from a Roth IRA in 2013. You and your spouse file a joint return in 2015, but did not file a joint return in 2013. You would include $5,000 in column (a) and $7,000 in column (b).

Line 7

Add the amounts from line 6 columns (a) and (b), and enter the total.

Line 11

Before you complete the following worksheet, figure the amount of any credit for the elderly or the disabled you are claiming on Form 1040, line 54. See Schedule R (Form 1040A or 1040) to figure the credit.

Credit Limit Worksheet

Complete this worksheet to figure the amount to enter on line 11.

1. Enter the amount from Form 1040, line 47;

 

Form 1040A, line 30; Form 1040NR, line 45

1.

2.Form 1040 filers: Enter the total of your credits from lines 48 through 50 and Schedule R, line 22.

Form 1040A filers: Enter the total of your credits from lines 31 through 33.

Form 1040NR filers: Enter the total of your

 

credits from lines 46 and 47

2.

3.Subtract line 2 from line 1. Also enter this amount on Form 8880, line 11. But if zero or less, stop; you cannot take the credit—do not

file this form

3.

 

 

 

 

How to Edit 8880 Form

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