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IRS Form 8880: Who Qualifies for the Retirement Saver’s Credit?

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Updated November 13, 2024

What Is IRS Form 8880?

IRS Form 8880 reports contributions made to qualified retirement savings accounts. This form determines whether you qualify for the retirement saver’s credit and how much money you can claim.

The saver’s credit is a tax credit tha𓆏t’s available to individuals who make contributions to eligible retirement plans, including:

澳洲幸运ꦗ5官方开♚奖结果体彩网:Individual retirement accounts (IRAs), both traditional and Roth
澳洲幸运5官方开奖结果体彩网:Employer-sponsored plans, such as 401(k)s
Achieving a Better Life Experience (ABLE) acco𒅌unts

If you add to any of these accounts, complete Form 8880 and submit it with your 澳洲幸运5官方开奖结果体彩网:Form 1040 when filing your tax return.

Key Takeaways

IRS Form 8880 calculates how much of a tax credit you may qualify for if you contribute to an eligible retirement savings plan.
Eligible plans to which you can make contributions and claim the credit include traditional and Roth IRAs and 401(k), 457(b), and 403(b) plans.
To be eligible for the credit, you must be at least 18 years old, not a student, and not claimed as a dependent on another person’s return.
Calculate your adjusted gross income (AGI) for the year and add your total retirement savings contributions to complete Form 8880.
Form 8880 can be printed out and filed with a paper return or completed electronically if you plan to file your taxes online.

Who Can File IRS Form 8880?

Anyone who plans to claim the saver’s credit on their taxes will complete Form 8880 and file it with their tax return.

To be eligible 𝔍for the saver’s credit, you must:

Be at least 18 years old
Not a student
Not claimed as a dependent on another person’s tax return

If you meet those criteria, complete Form♏ 8880 to determine the tax credit you may claim for your retirement plan contributions.

Important

For IRS purposes, you’re considered a student if you were enrolled full-time at a school or took a full-time, non-farm training course given by a school or a state,𝄹 county, or local government agency for any part of five calendar months of the tax year.

How to File IRS Form 8880

You can file Form 8880 by printing out a copy of the form and completing it, then mailing it to the Internal Revenue Service (IRS). If you prefer to file your taxes electronically, you can complete Form 8880 online. If you’re using 澳洲幸运5官方开奖结果体彩网:online tax filing software, you can follow the prompts to enter the correct information and calculate the credit.

It’s helpful to unders🌄tand how these calculations work, especially if you’re completing thไe form by hand. The one-page form is simple, but it does require that you enter specific information.

You must include total contributions to traditional IRA, Roth IRA, and ABLE accounts for the year (not including rollover amounts). You must also include total 澳洲幸运5官方开奖结果体彩网:elective deferrals to a 401(k) or another qualified employer plan.

You also need to know your 澳洲幸运5官方开奖结果体彩网:adjusted gross income (AGI), because this determines the percentage of the credit you can claim. The sav♊er’s credit is worth 10%, 20%, or 50%ꦉ of your:

澳洲幸运5官方开奖结果体彩网:Tra🌞ditional or Roth IRA con🍃tributions
Elective salary deferral contributions to a 401(k), 403(b), governmental 457(b), SARSEP, or SIMPLE plan
Voluntary after-tax employee contributions made to a qualified retirement plan (including the federal 澳洲幸运5官方开奖结果体彩网:thrift savings plan) or 403(b) plan
501(c)(18)(D) plan contributions
ABLE account contributions

$1,000

The maximum credit you may qualify for if you’re a single filer. The maximum credit is $2,000 if 😼you’re married and file a joint return.

Saver’s Credit Amounts (2024 and 2025)

The following tables illustrate the saver’s credit you may be able to claim for 2024 and 2025, based on your income.

2024 Retirement Saver’s Credit Income Thresholds
Credit Rate	Married Filing Jointly	Head of Household	All Other Filers
50% of your contribution	AGI not more than $46,000	AGI not more than $34,500	AGI not more than $23,000
20% of your contribution	$46,001–$50,000	$34,501–$37,500	$23,001– $25,000
10% of your contribution	$50,001–$76,500	$37,501–$57,375	$25,001– $38,250
0% of your contribution	More than $76,500	More than $57,375	More than $38,250

2025 Retirement Saver’s Credit Income Thresholds
Credit Rate	Married Filing Jointly	Head of Household	All Other Filers
50% of your contribution	AGI not more than $47,500	AGI not more than $35,625	AGI not more than $23,750
20% of your contribution	$47,501–$51,000	$35,626–$38,250	$23,751–$25,500
10% of your contribution	$51,001–$79,000	$38,251–$59,250	$25,501–$39,500
0% of your contribution	More than $79,000	More than $59,250	More than $39,500

Download IRS Form 8880 Here

You can download the most current revision of IRS Form 8880 directly from the . You may only need to download this ⛄form if you plan on filing a paper return.

If you plan to file your return electronically, you can complete Form 8880 online. This may be the simpler option, as your tax filing software program can carry over ಌyour adjusted gross income amounts for you to help when calculating the credit.

All you’ll need to do is enter the amount you contributed to any eligible retirement plans along with any amounts that were distributed from th🅘ose accounts prior to the tax♉ filing deadline.

Warning

Filing a �𒊎�tax extension gives you extra time to file, but not extra time to pay. If you owe taxes, penalties and interest can accrue as long as your taxes remain unpaid.

Form 8880 is due at the same time as your regular tax return each year. For 2024 taxes, the tax filing deadline is April 15, 2025. If you need more time to complete your return, you can request a six-month extension by completing Form 4868.

Who Has to File Form 8880?

Anyone who intends to claim the saver’s credit on their taxes will need to file Form 8880; however, not everyone is eligible 💎to receive the saver’s credit. That is deter💞mined by an individual’s income.

Who Is Eligible for the Saver’s Credit?

You are eligible for the saver’s credit if you are 18 or older, not claimed as a dependent on another person’s return, and not a student. If you meet these criteria, then the amount of your credit is determined by your adjusted gross income (AGI).

What Is the Contribution Limit for a 401(k) Plan?

The contribution limit for a 401(k) plan is $23,000 in 2024. If you are age 50 or older, you can contribute an additional $7,500—$6,500 plus a $1,000 catch-up contribution—to an IRA. In 2025, individuals are allowed to contribute up to $23,500 to their 401(k) and $7,000 to their IRA, plus the additional $1,000 catch-up contribution for those ages 50 and older (for a total IRA contribution of $8,000).

The Bottom Line

Form 8880 re👍ports your contributio♐ns to qualified retirement accounts. It is primarily used to determine whether you qualify for the retirement saver’s credit and, if you do, how much money you can claim.

The saver’s crꦫedit applies to individual retirement accounts (IRAs), employer-sponsored plans such as 401(k)s, and Achieving a Better Life Experience (ABLE) accounts.

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