Discussion:Form 8880
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> Form 8880
| 23 February 2006 | |
| Can a taxpayer who pays into a strs (state teachers retirement system) be eligible for the retirement savings contribution credit?
I have a feeling not, since this is not a federal qualified plan...but I'm hoping so! Thank you! | |
DR BRISKET (talk|edits) said: | 23 February 2006 |
| I believe these are Section 457 plans. IRS Publication 17, page 247, shows these types of plans are eligible for the Form 8880 credit. I hope I'm interpreting this right, because I claim this credit all the time for my eligible clients. | |
DR BRISKET (talk|edits) said: | 23 February 2006 |
| I meant to say "I claim this credit all the time for my eligible clients I have who are in the Kansas Public Employees Retirement System (KPERS). In addition to teachers, city & county employees, emergency workers, law enforcement personnel and state legislators are enrolled in KPERS. That is a large segment of workers. I don't think Congress would exclude such a targeted group of employees from claiming the retirement contribution credit if they otherwise qualify. | |
| 24 February 2006 | |
| Yes, your reasoning makes sense to me. I will read Pub 17 as you suggested. Thank you so much for your help. | |
| 4 October 2007 | |
| Form 8880....my tax program will not show credit for SE contribution to SEP. Is this the only "qualified"
retirement plan that does not receive a tax credit, or is my tax program missing this? thank you! TP income under 50K MFJ | |
| 4 October 2007 | |
| I don't see how PERS or STRS contributions would qualify since these are not really 457(b) elective deferrals. | |
To join in on this discussion, you must first
log in.
