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mflees
New Member

Spouse cashed out pension in 2015. Will this count against contributions to a different retirement plan (this time a 401k) on form 8880 for 2017? Thanks!

 
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dmertz
Level 15

Spouse cashed out pension in 2015. Will this count against contributions to a different retirement plan (this time a 401k) on form 8880 for 2017? Thanks!

Yes, the 2015 distribution reduces your contributions and your spouse's contributions made for 2017 that are considered for the Retirement Savings Contributions Credit for either of you.  When TurboTax asks for distributions made after 2014, this 2015 distribution must be entered.

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dmertz
Level 15

Spouse cashed out pension in 2015. Will this count against contributions to a different retirement plan (this time a 401k) on form 8880 for 2017? Thanks!

Yes, the 2015 distribution reduces your contributions and your spouse's contributions made for 2017 that are considered for the Retirement Savings Contributions Credit for either of you.  When TurboTax asks for distributions made after 2014, this 2015 distribution must be entered.

mflees
New Member

Spouse cashed out pension in 2015. Will this count against contributions to a different retirement plan (this time a 401k) on form 8880 for 2017? Thanks!

Got it. Thank you!
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