Instructions For Form 8880 - 2008
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12
Form 8880 (2008)
Page
General Instructions
Line 4
Enter the total amount of distributions you, and your spouse if
Section references are to the Internal Revenue Code.
filing jointly, received after 2005 and before the due date of your
Purpose of Form
2008 return (including extensions) from any of the following
types of plans.
Use Form 8880 to figure the amount, if any, of your retirement
savings contributions credit (also known as the saver’s credit).
Traditional or Roth IRAs.
401(k), 403(b), governmental 457, 501(c)(18)(D), SEP, or
This credit can be claimed in addition to any IRA
SIMPLE plans.
deduction claimed on Form 1040, line 32; Form
TIP
Qualified retirement plans as defined in section 4974(c)
1040A, line 17; or Form 1040NR, line 31.
(including the federal Thrift Savings Plan).
Do not include any:
Who Can Take This Credit
Distributions not taxable as the result of a rollover or a
trustee-to-trustee transfer.
You may be able to take this credit if you, or your spouse if filing
Distributions from your IRA (other than a Roth IRA) rolled over
jointly, made (a) contributions (other than rollover contributions)
to your Roth IRA.
to a traditional or Roth IRA, (b) elective deferrals to a 401(k),
Loans from a qualified employer plan treated as a distribution.
403(b), governmental 457, SEP, or SIMPLE plan, (c) voluntary
employee contributions to a qualified retirement plan as defined
Distributions of excess contributions or deferrals (and income
in section 4974(c) (including the federal Thrift Savings Plan), or
allocable to such contributions or deferrals).
(d) contributions to a 501(c)(18)(D) plan.
Distributions of contributions made to an IRA during a tax year
However, you cannot take the credit if either of the following
and returned (with any income allocable to such contributions)
applies:
on or before the due date (including extensions) for that tax year.
The amount on Form 1040, line 38; Form 1040A, line 22; or
Distributions of dividends paid on stock held by an employee
Form 1040NR, line 36, is more than $26,500 ($39,750 if head of
stock ownership plan under section 404(k).
household; $53,000 if married filing jointly).
Distributions from a military retirement plan.
The person(s) who made the qualified contribution or elective
If you are filing a joint return, include both spouses’ amounts
deferral (a) was born after January 1, 1991, (b) is claimed as a
in both columns.
dependent on someone else’s 2008 tax return, or (c) was a
Exception. Do not include your spouse’s distributions with yours
student.
when entering an amount on line 4 if you and your spouse did
You were a student if during any part of 5 calendar months of
not file a joint return for the year the distribution was received.
2008 you:
Example. You received a distribution of $5,000 from a qualified
Were enrolled as a full-time student at a school, or
retirement plan in 2008. Your spouse received a distribution of
Took a full-time, on-farm training course given by a school or
$2,000 from a Roth IRA in 2006. You and your spouse file a joint
a state, county, or local government agency.
return in 2008, but did not file a joint return in 2006. You would
include $5,000 in column (a) and $7,000 in column (b).
A school includes technical, trade, and mechanical schools. It
does not include on-the-job training courses, correspondence
Do not include on line 4 any economic stimulus
schools, or schools offering courses only through the Internet.
payment directly deposited into your IRA that you later
If your economic stimulus payment was directly
withdrew.
deposited into your IRA, any amount left in the IRA as
TIP
CAUTION
a contribution may qualify for the credit.
Line 7
Add the amounts from line 6 columns (a) and (b), and enter the
Specific Instructions
total.
Column (b)
Paperwork Reduction Act Notice. We ask for the information on
Complete column (b) only if you are filing a joint return.
this form to carry out the Internal Revenue laws of the United
States. You are required to give us the information. We need it to
Line 2
ensure that you are complying with these laws and to allow us to
Include on line 2 any of the following amounts.
figure and collect the right amount of tax.
Elective deferrals to a 401(k) or 403(b) plan (including
You are not required to provide the information requested on a
designated Roth contributions under section 402A), or to a
form that is subject to the Paperwork Reduction Act unless the
governmental 457, SEP, or SIMPLE plan.
form displays a valid OMB control number. Books or records
Voluntary employee contributions to a qualified retirement plan
relating to a form or its instructions must be retained as long as
as defined in section 4974(c) (including the federal Thrift Savings
their contents may become material in the administration of any
Plan).
Internal Revenue law. Generally, tax returns and return
information are confidential, as required by section 6103.
Contributions to a 501(c)(18)(D) plan.
The average time and expenses required to complete and file
These amounts may be shown in box 12 of your Form(s) W-2
for 2008.
this form will vary depending on individual circumstances. For the
estimated averages, see the instructions for your income tax
Note. Contributions designated under section 414(h)(2) are
return.
treated as employer contributions and as such they are not
If you have suggestions for making this form simpler, we would
voluntary contributions made by the employee. They do not
be happy to hear from you. See the instructions for your income
qualify for the credit and should not be included on line 2.
tax return.
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