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Often times, many get confused on how to fill PDF forms as electronic methods becomes preferable to manual methods. This has now led to the use of software programs in filling PDF forms. A remarkable way of doing this is the use of Wondershare PDFelement which we shall see in this article.
IRS Form 8880 is a form filed to the Internal Revenue Service by people with lower income to contribute to their retirement savings account in which the IRS offer a tax credit for the contribution to them. In order to claim the retirement savings credit, you must fill the IRS Form 8880. However, the question is how to fill this form correctly?
In filling this form, it is important to note that the best solution is Wondershare PDFelement PDF filler program. This program allows you to fill out the form easily and fast. You can check boxes, radio buttons and type on your Form 8880 with issues.
It is not complicated. You just need to open your IRS Form 8880 on PDFelement platform and use the program to fill it out. Also, you can do so many other task in your PDF like editing, conversion, and digital signings using this program.
The IRS Form 8880 is a simple form which can be completed in just few minutes. All you need to do is just to open it on PDFelement and fill the form accordingly. However, to complete the form successfully, the following step by step guide will be helpful.
Step 1:The IRS Form 8880 is readily available online and can be downloaded on the website of the Internal Revenue Service. You can also download the filing instructions alongside it.
Step 2:Write your names as shown on the tax return as well as your social security number. Read the instruction below it to determine if you are eligible to take credit.
Step 3:The first few lines 1 to 8 requests for your details of your withdrawals and contributions as well as your spouse details from your retirement plan. In line 1, you are to enter the amount of contributions you made both for traditional and Roth IRAs which excludes rollover contributions. You are expected to subtract from your contributions, any withdrawal even if it is eligible retirement distributions or early withdrawals from the plan.
After filling line 1 and line 2, you are expected to add line 1 and 2 add fill the value on line 3. In line 4, you have to enter the amount of distributions you have received from plans including the Roth IRAs, traditional IRAs, 403b,401k or simple plans. Also note that you have to include distributions from other qualified retirement plans defined by the tax law for the year which you are claiming.
Step 4:Subtract the amount on line 4 from line 3 and the resulting value should be entered on line 5.However, note that if this amount is zero or less, you will have to enter zero. On line 6, you are required to enter the amount on line 5 or $2000, whichever one is smaller of the two. But on line 7, enter the amount from line 6. Note that adding your spouse line 6 to your own line 6 is what is known as filing jointly. Therefore, if this number is zero, you will not be eligible for credit.
Step 5:Enter the amount that is found on your tax return on line 8. Use the table on the form to enter the decimal that corresponds to the correct amount on line 8 on line 9. However, it is important to note that if this decimal is a zero, you cannot take the credit. Multiply line 9 by line 7 and enter the resulting amount on line 10.
Step 6:On line 11, enter the amount as it is found on your tax return and on line 12, you are expected to enter the total number of credits that is found on your tax return.
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