TurboTax will automatically generate Form 8880 and file it with your tax return if you qualify for the Saver's Credit.
If you contribute to a retirement plan at work (401(k), 403(b), etc.) or to your own Individual Retirement Account (IRA) you may qualify for a Retirement Savings Contributions Credit (also called the Saver's Credit). To qualify for the Saver's Credit, you must be a nondependent age 18 or older and not a full-time student. Also, your income must be under a certain threshold based on your filing status (click the screenshot below for details). TurboTax will automatically see if you qualify for the Saver's Credit during the tax interview.
Note: If you contributed to a retirement plan at work, the information will be reported in Box 12 of your W-2. If you contributed to an IRA, you'll need to enter this information in the IRA section of TurboTax.
To go directly to the Saver's Credit section in TurboTax Online:
- Continue your return in TurboTax Online. (If your return isn't open, you'll need to sign in and click Take me to my return.)
- Click Tax Tools (lower left side of your screen).
- Select Tools.
- In the pop-up window, select Topic Search.
- In the I'm looking for: box, type 8880.
- In the results box, highlight 8880, credit for qualified retirements savings contributions, then click GO.
- Follow the onscreen instructions. At the end of this section, TurboTax will indicate if you qualify for a Saver's Credit and if so, for how much.
Note: If using the TurboTax CD/Download software, you'll use the Find function and the "Jump to" link (instead of "Tax Tools") to search for the topic.
Please see the FAQs below for more information.
What is the Saver's Credit? https://ttlc.intuit.com/replies/3301263
What do all the letter codes in Box 12 of my W-2 mean? https://ttlc.intuit.com/replies/3300234
Where do I enter my Traditional or Roth IRA? https://ttlc.intuit.com/replies/4792466
[Edited 02.25.2018 I 04:26PM PST]
