Investopedia

Continue to Site »

Credit For Qualified Retirement Savings Contribution

Filed Under » , , , ,
Dictionary Says

Definition of 'Credit For Qualified Retirement Savings Contribution'

Also known as IRS Form 8880, the Credit for Qualified Retirement Savings Contribution form is a one-page tax form used to calculate the amount of an individual or married couple's saver's credit. As of 2009, the credit is available to individuals with income up to $26,500, heads of household with with incomes up to $39,750 and married couples filing jointly with incomes up to $53,000.
Investopedia Says

Investopedia explains 'Credit For Qualified Retirement Savings Contribution'

The form asks for information on traditional and Roth IRA contributions for that tax year, elective deferrals to a qualified employer plan and certain retirement distributions received. The saver's credit is one of several tax benefits designed to help low-income filers save for retirement. In addition to meeting low-income requirements, those who want to claim the credit must be at least 18, not a full-time student and cannot be claimed as a dependent on another person's tax return.

Articles Of Interest

  1.

    Retirement Plan Tax Form 5329: When To File

    Read this if you've taken early distributions or owe excess-contribution or excess-accumulation penalties.

  2. Tax Treatment Of Ineligible IRA Rollovers

    Eager to save for retirement? Learn how to avoid overpayment penalties.

  3. Tips For Moving Retirement Plan Assets

    Moving assets is common when changing jobs or retiring, but you have to do this carefully to avoid penalties.

  4. An Introduction To Correcting Ineligible IRA Contributions

    Eager to save for retirement? Find out how to avoid overpayment penalties.

  5. Borrowing From Your Retirement Plan

    Left with no alternative but to take money out from your retirement savings? Here are some guidelines.

  6. Money Tips To Stretch Your Retirement Nest Egg

    Learn the key investment and savings tips you need to ensure your retirement savings last as long as you do.

  7. How To Start Saving For Retirement

    If you establish these money-saving habits and patiently allow your wealth to build, you will be taking some huge steps forward in making your financial future more secure.

  8. An Introduction To The Keogh Retirement Plan

    Learn more about this popular defined-contribution retirement plan that many business owners, proprietors, and self-employed people can benefit from.

  9. Women: Invest In Your Financial Literacy

    Learning about money may seem intimidating, but it's not as hard as it looks.

  10. How To Buy Annuities (And When Not To)

    Annuities are complicated products that require some basic homework to be done before requesting quotes. Retirees will want to think about how they envisage their lifestyle and even their potential ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Winner's Curse

    Because of incomplete information, emotions or any other number of factors regarding the item being auctioned, bidders can have a difficult time determining the item's intrinsic value. As a result, the largest overestimation of an item's value ends up winning the auction.

  2. Glocalization

    A combination of the words "globalization" and "localization" used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market.

  3. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  4. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  5. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.

  6. Cost-Push Inflation

    A phenomenon in which the general price levels rise (inflation) due to increases in the cost of wages and raw materials.
Trading Center