Video Transcript

I'm going to talk now about retirement savings contribution credit, this is line 33 and you'll see it references form 8880. This is form 8880, Credit for Qualified Retirement Savings Contributions, and you may be able to take this credit. If you'll notice here there's some qualifications on this so read this first. If the amount on form 1040A, line 22 is more than 26,000 or 39,000 if head of household or 52,000 if filing jointly, you cannot take this credit. And if the person who made the qualifying contribution or elective deferral was born after January 1, 1990 and is claimed as a dependent on someone else's tax return, or was a student, you cannot take the credit. But if this, if you can take the credit, generally you can take this if you made contributions to a Traditional or Roth IRA, elective deferrals to a 401(k) or 403(b) plan, voluntary employee contributions to a qualified retirement plan, or contributions to a 501(c),(18), or (D) plan, And if this qualifies you'll have to work through the form 8880 to determine what the credit you'll be entitled to. And once you determine that you'll put that on line 33. When you've completed line 33, you'll need to add lines 29, 30, 31, 32, 33, and this will be your total credit on line 34. You'll subtract line 34 from line 28 and you'll get an amount to enter on line 35.