Purpose of Form
Use Form 8880 to figure the amount, if any, of
your retirement savings contributions credit. This credit may be claimed in addition to any IRA deduction claimed on
Form 1040, line 24, or Form 1040A, and line 17.
Who
May Claim the Credit?
You
may be able to claim the retirement savings contributions credit if you, or
your spouse if filing jointly, made:
-
Contributions
(other than rollover contributions) to a traditional or Roth IRA,
-
Elective
deferrals to a 401(k), 403(b), governmental 457, SEP, or SIMPLE plan,
-
Voluntary
employee contributions to a qualified retirement plan (as defined in
section 4974(c)), or
-
Contributions
to a 501(c)(18) plan.
You
cannot claim the credit if any of the following apply.
-
The
amount on Form 1040, line 36, or Form 1040A, line 22, is more than $26,000
($39,000 if head of household, $52,000 if married filing jointly).
-
You
were born after January 1, 1990.
-
You
are claimed as a dependent on someone’s (such as your parent’s) 2007
tax return.
- You
were a student (defined below).
Definitions:
Student: You
were a student if during any 5 months of 2007 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 night schools.
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.
See
the Instructions for Form 1040 or Form 1040A.
Section
references are to the Internal Revenue Code.
-
Qualified retirement plans (as defined in
section 4974(c)).
-
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 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).
|
If your AGI is |
And your filing status is— |
| Over—
|
But not Over—
|
Married filing jointly |
Head of household |
Single, Married filing separately, or Qualifying
widow(er) |
|
Multiply eligible contribution by factor below to
determine tax credit |
| --- |
$15,500 |
.5 |
.5 |
.5 |
| $15,500 |
$17,000 |
.5 |
.5 |
.2 |
| $17,000 |
$23,250 |
.5 |
.5 |
.1 |
| $23,250 |
$25,500 |
.5 |
.2 |
.1 |
| $25,500 |
$26,000 |
.5 |
.1 |
.1 |
| $26,000 |
$31,000 |
.5 |
.1 |
.0 |
| $31,000 |
$34,000 |
.2 |
.1 |
.0 |
| $34,000 |
$39,000 |
.1 |
.1 |
.0 |
| $39,000 |
$52,000 |
.1 |
.0 |
.0 |
| $52,000 |
--- |
.0 |
.0 |
.0 |
(Click here
for IRS worksheet to determine eligible contribution and tax credit)
|
|