I've been having difficulty tracking down exactly how the Retirement Savers Credit (https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-savings-contributions-save...) works for Married Filing Jointly filers.
Currently, all of our contributions to retirement go solely into my wife's 403B due to the tax advantages she will receive from it as a minister. Thus I have 0 retirement contributions to list on Form 8880 https://www.irs.gov/pub/irs-pdf/f8880.pdf.
I've read that married filing jointly filers get a maximum of $2000 rather than the $1000 for individual fillers. But Form 8880 makes it look like that is per filer and if my wife is contributing $6000 while I do $0 then she has to put $2000 into line 6 which if we got an AGI below $39000 then we'd only get $1000. Am I right in how I've read the instructions? It seems a bit unfair to families that focus on maxing out one person's retirement account.
Thanks
You'll need to sign in or create an account to connect with an expert.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jbthorstad
Level 1
snowite327
New Member
alexwlada
New Member
melrex
New Member
af142700
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.