Federal Credit for Qualified Retirement Savings Contributions
Extracted from PDF file 2018-federal-form-8880.pdf, last modified November 2018
Credit for Qualified Retirement Savings ContributionsForm 8880 Credit for Qualified Retirement Savings Contributions Department of the Treasury Internal Revenue Service ▶ ▶ Attach to Form 1040 or Form 1040NR. Go to www.irs.gov/Form8880 for the latest information. CAUTION 2018 Attachment Sequence No. 54 Your social security number Name(s) shown on return ! ▲ OMB No. 1545-0074 You cannot take this credit if either of the following applies. • The amount on Form 1040, line 7 or Form 1040NR, line 36 is more than $31,500 ($47,250 if head of household; $63,000 if married filing jointly). • The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 2001; (b) is claimed as a dependent on someone else’s 2018 tax return; or (c) was a student (see instructions). (a) You 1 Traditional and Roth IRA contributions, and ABLE account contributions by the designated beneficiary for 2018. Do not include rollover contributions . . . . . . . . . . . . . . . . . . . . 2 Elective deferrals to a 401(k) or other qualified employer plan, voluntary employee contributions, and 501(c)(18)(D) plan contributions for 2018 (see instructions) . . . . . . . . . . . . . . . . . . 3 4 Add lines 1 and 2 . . . . . . . . . . . . . . . . . . Certain distributions received after 2015 and before the due date (including extensions) of your 2018 tax return (see instructions). If married filing jointly, include both spouses’ amounts in both columns. See instructions for an exception . . . . . . . . . . . . . 5 6 7 8 9 Subtract line 4 from line 3. If zero or less, enter -0- . . . . . In each column, enter the smaller of line 5 or $2,000 . . . . Add the amounts on line 6. If zero, stop; you can’t take this credit Enter the amount from Form 1040, line 7* or Form 1040NR, line 36 Enter the applicable decimal amount shown below. If line 8 is— Over— But not over— . . . . . . . . (b) Your spouse 1 2 3 4 5 6 . . 8 . . . . . . 12 7 And your filing status is— Married filing jointly Head of household Enter on line 9— Single, Married filing separately, or Qualifying widow(er) 0.5 0.5 0.5 $19,000 0.5 0.5 0.2 $20,500 0.5 0.5 0.1 $28,500 0.5 0.2 0.1 $30,750 0.5 0.1 0.1 $31,500 0.5 0.1 0.0 $38,000 0.2 0.1 0.0 $41,000 0.1 0.1 0.0 $47,250 0.1 0.0 0.0 $63,000 --0.0 0.0 0.0 Note: If line 9 is zero, stop; you can’t take this credit. Multiply line 7 by line 9 . . . . . . . . . . . . . . . . . . . . . . . . . Limitation based on tax liability. Enter the amount from the Credit Limit Worksheet in the instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Credit for qualified retirement savings contributions. Enter the smaller of line 10 or line 11 here and on Schedule 3 (Form 1040), line 51; or Form 1040NR, line 48 . . . . . . . . . . . --$19,000 $20,500 $28,500 $30,750 $31,500 $38,000 $41,000 $47,250 $63,000 10 11 . 9 x0. 10 11 12 * See Pub. 590-A for the amount to enter if you claim any exclusion or deduction for foreign earned income, foreign housing, or income from Puerto Rico or for bona fide residents of American Samoa. For Paperwork Reduction Act Notice, see your tax return instructions. Cat. No. 33394D Form 8880 (2018) Page 2 Form 8880 (2018) General Instructions Section references are to the Internal Revenue Code. What’s New Designated beneficiary Achieving a Better Life Experience (ABLE) account contributions. Beginning in 2018, as part of a provision contained in the Tax Cuts and Jobs Act of 2017, a retirement savings contribution credit may be claimed for the amount of contributions you make before January 1, 2026, to an ABLE account of which you are the designated beneficiary. See Pub. 907, Tax Highlights for Persons with Disabilities, for more information. 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. Note. Contributions designated under section 414(h)(2) are treated as employer contributions and, as such, they aren’t voluntary contributions made by the employee. They don’t qualify for the credit and shouldn’t be included on line 2. Line 4 Enter the total amount of distributions you, and your spouse if filing jointly, received after 2015 and before the due date of your 2018 return (including extensions) from any of the following types of plans. • Traditional or Roth IRAs (including myRAs), or ABLE accounts. • 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). Don’t include any of the following. Purpose of Form • Distributions not taxable as the result of a rollover or a trustee-totrustee transfer. Use Form 8880 to figure the amount, if any, of your retirement savings contributions credit (also known as the saver’s credit). • Distributions that are taxable as the result of an in-plan rollover to your designated Roth account. TIP This credit can be claimed in addition to any IRA deduction claimed on Schedule 1 (Form 1040), line 32 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; (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); (d) contributions to a 501(c)(18)(D) plan; or (e) contributions to an ABLE account by the designated beneficiary, as defined in section 529A. However, you can’t take the credit if either of the following applies. • The amount on Form 1040, line 7 or Form 1040NR, line 36 is more than $31,500 ($47,250 if head of household; $63,000 if married filing jointly). • The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 2001; (b) is claimed as a dependent on someone else’s 2018 tax return; or (c) was a student. ! ▲ CAUTION You’ll need to refigure the amount on Form 1040, line 7, if you’re filing Form 2555, 2555-EZ, or 4563 or you’re excluding income from Puerto Rico. See Pub. 590-A at www.irs.gov/Pub590A for details. • 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’re filing a joint return, include both spouses’ amounts in both columns. Exception. Don’t include your spouse’s distributions with yours when entering an amount on line 4 if you and your spouse didn’t 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 2018. Your spouse received a distribution of $2,000 from a Roth IRA in 2016. You and your spouse file a joint return in 2018, but didn’t file a joint return in 2016. You would include $5,000 in column (a) and $7,000 in column (b). You were a student if during any part of 5 calendar months of 2018 you: Line 7 • Were enrolled as a full-time student at a school; or Line 11 • 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 doesn’t include on-the-job training courses, correspondence schools, or schools offering courses only through the Internet. Add the amounts from line 6, columns (a) and (b), and enter the total. Before you complete the following worksheet, figure the amount of any credit for the elderly or the disabled you’re claiming on Schedule 3 (Form 1040), line 54. See Schedule R (Form 1040) to figure the credit. Credit Limit Worksheet Complete this worksheet to figure the amount to enter on line 11. Specific Instructions Column (b) Complete column (b) only if you’re 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 2018. 1. Enter the amount from Form 1040, line 11 or Form 1040NR, line 45 . . . . . . . . 1. 2. Form 1040 filers: Enter the total of your credits from Schedule 3, lines 48 through 50 and Schedule R, line 22. Form 1040NR filers: Enter the total of your credits from lines 46 and 47 . . . . . . 3. Subtract line 2 from line 1. Also enter this amount on Form 8880, line 11. But if zero or less, stop; you can’t take the credit—don’t file this form . 2. 3.
2018 Form 8880
More about the Federal Form 8880 Other TY 2018
We last updated the Credit for Qualified Retirement Savings Contributions in December 2018, so this is the latest version of Form 8880, fully updated for tax year 2018. You can download or print current or past-year PDFs of Form 8880 directly from TaxFormFinder. You can print other Federal tax forms here.
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The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 8880 from the Internal Revenue Service in December 2018.
Historical Past-Year Versions of Federal Form 8880
We have a total of eight past-year versions of Form 8880 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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