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Irs Form 8880

The IRS Form 8880 was created to be an incentive for money savers. It is also meant to encourage low to moderate income workers to save for their retirement. Taxpayers who file the form are allowed to offset up to 50 percent of the first $2,000 placed into a qualifying retirement plan. The percentage is based on a sliding scale of the taxpayer's income. Those who make the least are allowed to claim 50 percent, while those who are more wealthy are allowed only to claim 10 percent. To be eligible, the taxpayer must be 18 or older, must not be a full-time student and cannot be claimed as a dependent on someone else's tax return.

Fast Facts

  • The following retirement plans are eligible for the tax credit: IRA, ROTH IRA, 401(k), 403(B), 457, SEP, SIMPLE IRA.
  • Many employers offer a matching program for employees who save part of their paycheck in a 401(k) or comparable retirement plan.

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