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Level 1
posted Feb 16, 2022 12:38:43 PM

Form 8880 for ABLE Account Contributions

I qualify for a 10% Saver's Credit for an ABLE Account Contribution . When I search for Saver's Credit in TurboTax Premier it only allows for IRA or Roth IRA or none of the above. I opened Form 8880 to manually enter the information and it allows entry of the contribution but NOT to enter the percent savings. I also tried to manually enter on Schedule 3 but no entry is allowed.

 

How do I tell TurboTax that I contributed to an ABLE account?

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1 Best answer
Expert Alumni
Feb 16, 2022 2:23:53 PM

Yes, according to this IRS link, contributions made to an ABLE account for which you are the designated beneficiary (beginning in 2018) qualifies for the savers credit. Here is how to enter in Turbo Tax Desktop.

  1. Go to Federal Taxes>deductions and credits>choose what you work on
  2. Go to education>ESA and 529 Qualified Tuition programs
  3. After you have finished with this section, go to:
  4. Retirement and Investments>Retirement Saving Contribution Credit. There will be questions in this section that  address your Able contributions and distributions.

2 Replies
Expert Alumni
Feb 16, 2022 2:23:53 PM

Yes, according to this IRS link, contributions made to an ABLE account for which you are the designated beneficiary (beginning in 2018) qualifies for the savers credit. Here is how to enter in Turbo Tax Desktop.

  1. Go to Federal Taxes>deductions and credits>choose what you work on
  2. Go to education>ESA and 529 Qualified Tuition programs
  3. After you have finished with this section, go to:
  4. Retirement and Investments>Retirement Saving Contribution Credit. There will be questions in this section that  address your Able contributions and distributions.

Level 1
Feb 17, 2022 6:08:31 AM

Thanks so much Dave!

 

Step 2 didn't seem to be relevant as it only covered education expense, but step 4 was a winner!

 

Many thanks!