What Is the Federal Tax Form 8880?

What Is the Federal Tax Form 8880?

Federal Form 8880 is the Credit for Qualified Retirement Savings Contributions form, which figures the amount of any retirement savings contributions credit a taxpayer claims, explains the Internal Revenue Service. The form is available on the Internal Revenue Service website.

The IRS offers a tax credit for contributions made to retirement savings accounts, explains Turbo Tax. When a taxpayer takes a tax credit, it reduces the amount of taxes owed. In order for a taxpayer to claim the retirement savings credit, he must use IRS Form 8880. Qualifying retirement plans include Roth IRAs, traditional IRAs, and 401(k) and 403(b) plans.