Timothy Sumer

Visit: To download the Form 8880 in printable format and to know about the use of this form, who can use this Form 8880 and when one should use this Form 8880 form. To Learn how to fill Various legal form, Go to ... ( read more ) LEARN MORE ABOUT: Qualified Retirement Plans REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing Learn How to Fill Form 8880: Credit for Qualified Retirement Savings Contributions Filling out tax forms can be a daunting task, especially when it comes to understanding the various credits and deductions available to tax filers. One such form is the Form 8880, also known as the Credit for Qualified Retirement Savings Contributions. This form allows taxpayers to claim a credit for their contributions to qualified retirement savings plans, such as 401(k) plans or individual retirement accounts (IRAs). Here's a step-by-step guide on how to f...

The Retirement Savings Contributions Credit, or "Saver's Credit," can give and additional tax credit for low- to- moderate income taxpayers who save for retirement. The Credit can also give an immediate tax incentive for contributing to a Roth or other non-deductible account. This video describes the credit, who is eligible for the credit, and how the credit is calculated and reported on the tax return. 2022 UPDATE: AGI phaseout ranges for the Savers Credit: $41,000 - $68,000 (MFJ); $30,750 - $51,000 (HOH); $20,500 - $34,000 (S, MFS, QSS) ADDITIONAL INFORMATION AND RESOURCES: To learn more about 401(k) plans, click here: To learn more about the difference between traditional and Roth retirement accounts, click here: To learn more about IRA contributions, click here: IRS Form 8880: "Retirement Savings Contributions Credit": irs.gov: "Retirement Savings Contributions Credit (Saver's Credit)" (Covers additional details not g...

If you made a contribution to a Roth or Traditional IRA, you may be eligible for an additional tax credit related to those contributions. Jason’s Page: Knott PLLC: Need more help? Schedule a Consultation: ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - Gumroad - ✅ FOLLOW JASON HERE: Patreon: Twitter: Instagram: TikTok: LinkedIn: Quora: DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. This description includes links to affilia...

How to file your taxes with TurboTax? In this 9th video, I cover how to calculate your tax credit for Qualified Retirement Savings Contributions on IRS Form 8880. The tax credit is available to certain taxpayers that make contributions to their Traditional or Roth IRAs, as well as certain contributions to qualified 401k, 403(b), and other retirement savings programs. For other TurboTax 2022 tutorials videos, please see the following playlist: Jason’s Page: Knott PLLC: Need more help? Schedule a Consultation: ✅ TAX & ACCOUNTING TRAINING GUIDES Udemy - Gumroad - ✅ FOLLOW JASON HERE: Patreon: Twitter: Instagram: TikTok: LinkedIn: Quora: DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an att...