Federal Credit for Qualified Retirement Savings Contributions
Extracted from PDF file 2019-federal-form-8880.pdf, last modified November 2019
Credit for Qualified Retirement Savings ContributionsForm 8880 Credit for Qualified Retirement Savings Contributions Department of the Treasury Internal Revenue Service ▶ ▶ Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form8880 for the latest information. CAUTION 2019 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 or 1040-SR, line 8b; or Form 1040-NR, line 35, is more than $32,000 ($48,000 if head of household; $64,000 if married filing jointly). • The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 2002; (b) is claimed as a dependent on someone else’s 2019 tax return; or (c) was a student (see instructions). (a) You 1 2 Traditional and Roth IRA contributions, and ABLE account contributions by the designated beneficiary for 2019. Do not include rollover contributions . . . . . Elective deferrals to a 401(k) or other qualified employer plan, voluntary employee contributions, and 501(c)(18)(D) plan contributions for 2019 (see instructions) . . 3 4 Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . . . Certain distributions received after 2016 and before the due date (including extensions) of your 2019 tax return (see instructions). If married filing jointly, include both spouses’ amounts in both columns. See instructions for an exception . . . 5 6 7 8 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 or 1040-SR, line 8b;* or Form 1040-NR, 35 . . . . . . . . . . . . . . . . . . . . . . . . 9 Enter the applicable decimal amount from the table below. If line 8 is— Over— But not over— . . . . . . line . . . . 1 2 3 4 5 6 . . . . . . 7 8 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 $19,250 0.5 0.5 0.2 $20,750 0.5 0.5 0.1 $28,875 0.5 0.2 0.1 $31,125 0.5 0.1 0.1 $32,000 0.5 0.1 0.0 $38,500 0.2 0.1 0.0 $41,500 0.1 0.1 0.0 $48,000 0.1 0.0 0.0 $64,000 --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 or 1040-SR), line 4; or Form 1040-NR, line 48 . . . . . . . . --$19,250 $20,750 $28,875 $31,125 $32,000 $38,500 $41,500 $48,000 $64,000 10 11 12 (b) Your spouse 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 (2019) Page 2 Form 8880 (2019) General Instructions Section references are to the Internal Revenue Code. Reminder Contributions by a designated beneficiary to an Achieving a Better Life Experience (ABLE) account. A retirement savings contribution credit may be claimed for the amount of contributions you, as the designated beneficiary of an ABLE account, make before January 1, 2026, to the ABLE account. See Pub. 907, Tax Highlights for Persons With Disabilities, for more information. Future Developments 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 2016 and before the due date of your 2019 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. 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. • Qualified retirement plans, as defined in section 4974(c) (including the federal Thrift Savings Plan). 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). TIP This credit can be claimed in addition to any IRA deduction claimed on Schedule 1 (Form 1040 or 1040-SR), line 19; or Form 1040-NR, line 32. Don’t include any of the following. • 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. 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, as a designated beneficiary of an ABLE account, to the ABLE account, as defined in section 529A. However, you can’t take the credit if either of the following applies. • The amount on Form 1040 or 1040-SR, line 8b; or Form 1040-NR, line 35, is more than $32,000 ($48,000 if head of household; $64,000 if married filing jointly). • The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 2002; (b) is claimed as a dependent on someone else’s 2019 tax return; or (c) was a student. ! ▲ CAUTION You’ll need to refigure the amount on Form 1040 or 1040-SR, line 8b, if you’re filing Form 2555 or Form 4563 or you’re excluding income from Puerto Rico. See Pub. 590-A at www.irs.gov/Pub590A for details. You were a student if during any part of 5 calendar months of 2019 you: • 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 2019. Your spouse received a distribution of $2,000 from a Roth IRA in 2017. You and your spouse file a joint return in 2019, but didn’t file a joint return in 2017. You would include $5,000 in column (a) and $7,000 in column (b). Line 7 • Were enrolled as a full-time student at a school; or Add the amounts from line 6, columns (a) and (b), and enter the total. • Took a full-time, on-farm training course given by a school or a state, county, or local government agency. Line 11 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. 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 2019. 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 or 1040-SR), line 6. See Schedule R (Form 1040 or 1040-SR) 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 or 1040-SR, line 12b; or Form 1040-NR, line 45 . . . . 1. 2. Form 1040 or 1040-SR filers: Enter the total of your credits from Schedule 3, lines 1 through 3, and Schedule R, line 22. Form 1040-NR 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 can’t take the credit—don’t file this form . 3.
2019 Form 8880
More about the Federal Form 8880 Other TY 2019
We last updated the Credit for Qualified Retirement Savings Contributions in February 2020, so this is the latest version of Form 8880, fully updated for tax year 2019. 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 February 2020.
Historical Past-Year Versions of Federal Form 8880
We have a total of nine 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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