2022-2024 Form

Instructions and help about Form 8880 Credit For Qualified Retirement Savings Contributions

hey there youtube so for this video i wanted to cover the irs form 8880 it is a credit for qualified retirement savings contributions and so what kind of taxpayers might want to complete this form because if you make contributions to your retirement plan during the year you might get an additional tax credit so you can save some more money so i've got a sample form in front of us and then one slide here uh which covers the 8880 and some of the rules you need to follow and then what what a sample return might look like we've got an example here with john our taxpayer so the 8880 is filed by taxpayers that make eligible contributions to either their traditional or roth ira during the year now a traditional ira contribution is nice because you're putting money into your retirement account and you generally get a tax deduction for it on your tax return roth iras you get no tax deduction but the money grows tax free and is tax free when you take out distributions now the reason why the 8880