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Credit for Retirement Savings Contributions

Financial recovery January 8, 2021

Credit for Retirement Savings Contributions

If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement or individual retirement account (IRA) you may be eligible for a tax credit. The amount of credit you can take depends on your filing status, your adjusted gross income, and your eligible contributions. To claim the credit, complete IRS Form 8880 and submit it with your federal income tax form. A copy of the tax credit application form is available at www.irs.gov or by calling the IRS at 1-800-829-3676 or 1-800-829-1040.

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