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How to Prepare Tax Schedule 8880

1.

Write in your name and social security number at the top of tax schedule 8880. Write it exactly as it appears on your prepared tax return.

2.

Fill out the information on lines 1 and 2. You can find the information for line 2 in box 12 of your W-2 form. In column B input your spouse's information if you are filing a joint return.

3.

Add lines 1 and 2 together and enter the information on line 3. Do the same for column B if this is a joint return.

4.

Enter any distributions that you and/or your spouse may have received on line 4. These include distributions from traditional or Roth IRAs, 401K or 403B, governmental 457, 501C18D, SEP, SIMPLE plans or qualified retirement plans.

5.

Subtract line 4 from line 3 then enter that new total on line 5 unless it is 0 or less, in which case you would just enter 0. For line 6 enter $2,000 unless the total for line 5 is less, in which you would then enter that amount. Add together both columns on line 6. If the total is zero than this credit doesn't apply to you and you can't take it but if the total is greater than 0 enter it on line 7.

6.

Input the dollar amount from line 38 of form 1040, line 22 of form 1040A or line 36 of form 1040NR on line 8. Compare that total with the chart below and enter the decimal on line 9 then multiply line 7 by line 9 and enter the total on line 10. On line 11 enter the total from form 1040, line 46, 1040A, line 28 or form 1040NR, line 43.

7.

Complete the information on the tax form you filed for line 12 then subtract it from line 11. If the total is zero than you cannot take this credit but if it is greater than 0 enter the total on line 13. Enter the lesser number of lines 10 or 13 on line 14. Also enter this total on line 51 of form 1040, line 32 of 1040A or line 36 of form 1040NR.



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