Why am I not receiving the Retirement Contribution Credit on Form 8880?
Listed below are reasons for not being eligible for the retirement contribution credit:
Are you a student? If you answered Yes to the question that asked if you were a student, then you are not eligible for the Retirement Contribution Credit.
Were you younger than age 18 at the end of the tax year?
Do you have any pension or IRA distributions that would reduce the 401(k) or IRA contributions eligible for the credit? The amount of eligible retirement contributions for the credit is reduced by the amount of pension or IRA distributions received during the past three years.
Is your income more than $39,500 (Single, Married Filing Separately, or Qualifying Surviving Spouse filing status) or $59,250 (Head of Household), or $79,000 (Married Filing Jointly)? If your income is above the threshold then the retirement credit will be zero.
Are you a student? If you answered Yes to the question that asked if you were a student, then you are not eligible for the Retirement Contribution Credit.
Were you younger than age 18 at the end of the tax year?
Do you have any pension or IRA distributions that would reduce the 401(k) or IRA contributions eligible for the credit? The amount of eligible retirement contributions for the credit is reduced by the amount of pension or IRA distributions received during the past three years.
Is your income more than $39,500 (Single, Married Filing Separately, or Qualifying Surviving Spouse filing status) or $59,250 (Head of Household), or $79,000 (Married Filing Jointly)? If your income is above the threshold then the retirement credit will be zero.
