IRS Form: Draft Form 8880, Instructions for Retirement Savings Contributions Credit (IRC §25B)

Draft Form 8880, Credit for Qualified Retirement Savings Contributions, and instruction released July 13. The draft form specifically reminds taxpayers that a retirement savings contribution credit may be claimed for contributions made to an Achieving a Better Life Experience (ABLE) account prior to January 1, 2026. The draft instructions allow taxpayers to determine the amount, if any, of their retirement savings contributions credit, also known as the “saver’s credit” as well as determine eligibility for the credit, specific instructions and certain items not to include on the form such as distributions from eligibility retirement plans, loans form a qualified ...