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Retirement saving credit

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Retirement saving credit

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Retirement saving credit

TurboTax will automatically generate Form 8880 if you qualify for the Saver's Credit and file it with your tax return.

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:

  • Open (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 My Account (top right of your screen).
  • Select Tools.
  • In the pop-up window, select Topic Search.
  • In the search bar, 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 your qualify for a Saver's Credit and if so, for how much.

https://ttlc.intuit.com/replies/3301263

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