8880 Credit for Qualified Retirement Savings Contributions

8880

Form

OMB No. 1545-0074

Credit for Qualified Retirement Savings Contributions
©

Department of the Treasury
Internal Revenue Service

Attach to Form 1040, Form 1040A, or Form 1040NR.
© See instructions on back.

Name(s) shown on return

2008

Attachment
Sequence No.

54

Your social security number

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

● The amount on Form 1040, line 38; Form 1040A, line 22; or Form 1040NR, line 36 is more than $26,500 ($39,750
if head of household; $53,000 if married filing jointly).
● The person(s) who made the qualified contribution or elective deferral (a) was born after January 1, 1991, (b) is
claimed as a dependent on someone else’s 2008 tax return, or (c) was a student (see instructions).
(a) You

1
2

3
4

5
6
7
8
9

Traditional and Roth IRA contributions for 2008. Do not include rollover
contributions

1

Elective deferrals to a 401(k) or other qualified employer plan, voluntary
employee contributions, and 501(c)(18)(D) plan contributions for 2008
(see instructions)
Add lines 1 and 2

2
3

Certain distributions received after 2005 and before the due date
(including extensions) of your 2008 tax return (see instructions). If
married filing jointly, include both spouses’ amounts in both columns.
See instructions for an exception
Subtract line 4 from line 3. If zero or less, enter -0In each column, enter the smaller of line 5 or $2,000
Add the amounts on line 6. If zero, stop; you cannot take this credit
Enter the amount from Form 1040, line 38*; Form 1040A, line 22; or
Form 1040NR, line 36
Enter the applicable decimal amount shown below:
If line 8 is—
Over—

--$16,000
$17,250
$24,000
$25,875
$26,500
$32,000
$34,500
$39,750
$53,000

10
11
12

13
14

But not
over—

$16,000
$17,250
$24,000
$25,875
$26,500
$32,000
$34,500
$39,750
$53,000
---

(b) Your spouse

4
5
6
7
8

And your filing status is—
Married
filing jointly

Head of
household

Single, Married filing
separately, or
Qualifying widow(er)

Enter on line 9—

.5
.5
.5
.5
.5
.5
.2
.1
.1
.0

.5
.5
.5
.2
.1
.1
.1
.1
.0
.0

.5
.2
.1
.1
.1
.0
.0
.0
.0
.0

Note: If line 9 is zero, stop; you cannot take this credit.
Multiply line 7 by line 9
Enter the amount from Form 1040, line 46; Form 1040A, line 28; or
11
Form 1040NR, line 43
1040 filers:
Enter the total of your credits from lines 47 through 50.
1040A filers:
Enter the total of your credits from lines 29 through 31.
12
1040NR filers: Enter the total of your credits from lines 44 and 45.
Subtract line 12 from line 11. If zero, stop; you cannot take this credit
Credit for qualified retirement savings contributions. Enter the smaller of line 10 or line
13 here and on Form 1040, line 51; Form 1040A, line 32; or Form 1040NR, line 46

%

X.

9

10

13
14

*See Pub. 590 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 back of form.

Cat. No. 33394D

Form

8880

(2008)

Form 8880 (2008)

Page

2

General Instructions

Line 4

Section references are to the Internal Revenue Code.

Enter the total amount of distributions you, and your spouse if
filing jointly, received after 2005 and before the due date of your
2008 return (including extensions) from any of the following
types of plans.

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).

TIP

This credit can be claimed in addition to any IRA
deduction claimed on Form 1040, line 32; Form
1040A, line 17; or Form 1040NR, line 31.

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, 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 36, is more than $26,500 ($39,750 if head of
household; $53,000 if married filing jointly).
● The person(s) who made the qualified contribution or elective
deferral (a) was born after January 1, 1991, (b) is claimed as a
dependent on someone else’s 2008 tax return, or (c) was a
student.
You were a student if during any part of 5 calendar months of
2008 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.
If your economic stimulus payment was directly
deposited into your IRA, any amount left in the IRA as
TIP
a contribution may qualify for the credit.

● Traditional or Roth IRAs.
● 401(k), 403(b), governmental 457, 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 from your IRA (other than a Roth IRA) rolled over
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.
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 2008. Your spouse received a distribution of
$2,000 from a Roth IRA in 2006. You and your spouse file a joint
return in 2008, but did not file a joint return in 2006. You would
include $5,000 in column (a) and $7,000 in column (b).
Do not include on line 4 any economic stimulus
payment directly deposited into your IRA that you later
withdrew.
CAUTION

Line 7

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, 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 2008.
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.

Add the amounts from line 6 columns (a) and (b), and enter the
total.
Paperwork Reduction Act Notice. We ask for the information on
this form to carry out the Internal Revenue laws of the United
States. You are required to give us the information. We need it to
ensure that you are complying with these laws and to allow us to
figure and collect the right amount of tax.
You are not required to provide the information requested on a
form that is subject to the Paperwork Reduction Act unless the
form displays a valid OMB control number. Books or records
relating to a form or its instructions must be retained as long as
their contents may become material in the administration of any
Internal Revenue law. Generally, tax returns and return
information are confidential, as required by section 6103.
The average time and expenses required to complete and file
this form will vary depending on individual circumstances. For the
estimated averages, see the instructions for your income tax
return.
If you have suggestions for making this form simpler, we would
be happy to hear from you. See the instructions for your income
tax return.