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 Form 8880 Credit for Qualified Retirement Savings Contributions 2020

8880 for 2020-2025 Form

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Video instructions and help with filling out and completing Form 8880 Credit For Qualified Retirement Savings Contributions

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Instructions and help about 2017 federal tax form 8880

[Music] hi i'm the tax geek and here are more of your taxes oversimplified in this video we're going to take a look at the retirement savings contributions credit otherwise known as the savers credit the savers credit gives an additional incentive for low to moderate income taxpayers to save money for retirement the credit can be as much as fifty percent of the first two thousand dollars you contribute to a retirement plan depending on your adjusted gross income the credit is non-refundable which means it is limited to your tax liability less any other non-refundable credits such as an education credit the credit is calculated on form 8880 and the amount is transferred to line 4 of schedule 3 and then to line 20 of form 1040. here are some advantages the savers credit offers the credit allows you to double dip so if you contribute to a 401k or traditional ira you not only get a reduction in income tax for contributing but also an additional tax credit here's an

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