How can I get the form 8880 work around. I know I qualify but Turbo tax says I dont. I am not a student and I am in the income range.

Forum|Forum|5 years ago
February 13, 2021
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TurboTax Deluxe Online

KrisD15

What about your birthdate?

Are you filing Form 2555 or 4563?

SAVER’S CREDIT

However, you can’t take the credit if either of the following applies.

• The amount on Form 1040, 1040-SR, or 1040-NR, line 11, is more than $32,500 ($48,750 if head of household; $65,000 if married filing jointly).

• The person(s) who made the qualified contribution or elective deferral

(a) was born after January 1, 2003;

(b) is claimed as a dependent on someone else’s 2020 tax return; or

(c) was a student.

CAUTION You’ll need to refigure the amount on Form 1040 or 1040-SR, line 11, if you’re filing Form 2555 or Form 4563

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Hal_Al

Employee

The Retirement Savings Contributions Credit (“Saver’s credit”) is very limited and is for low income people. See the table on Form 8880: https://www.irs.gov/pub/irs-pdf/f8880.pdf

You, or your spouse, must not have taken money out of a retirement account (including drawing a pension) in the last three years.

The Retirement Savings Contributions Credit (“Saver’s credit”) is very limited and is for low income people. See the table on Form 8880: https://www.irs.gov/pub/irs-pdf/f8880.pdf

You, or your spouse, must not have taken money out of a retirement account (including drawing a pension) in the last three years. See line 2 on form 8880.

Until you indicate that you are not a full-time student, the program won't give you the credit. You may have to go through the error-check/review.

It is not a refundable credit. You must have a tax liability to take the credit against.

TurboTax (TT) will check this automatically when it sees you made a qualified contribution. If you want to verify that happened; enter in TT at:

Federal Taxes Tab

Deductions & Credits

-Scroll down to:

-Retirement and Investment

- Retirement Savings Contribution Credit

mcdka100

The free version of Turbo Tax doesn't include this. You have to pay.