To determine David's Retirement Savings Contributions Credit (also known as the Saver's Credit) on Form 8880, we would need additional information about his situation. The credit is calculated based on his adjusted gross income (AGI), filing status, and the amount of his eligible contributions to retirement plans such as an IRA, 401(k), or other qualified retirement accounts. Here's how you can calculate the credit: 1. **Check Eligibility**: Make sure David is eligible for the credit. He must be at least 18 years old, not a full-time student, and not claimed as a dependent on someone else's tax return. 2. **Determine Contribution Amount**: Identify the amount David contributed to eligible retirement plans during the tax year. 3. **Consult the Income Limits**: The credit rate can be 10%, 20%, or 50% of his contributions depending on his AGI and filing status. The IRS provides income limits that determine the rate. 4. **Calculate the Credit**: Multiply the eligible contribution amount by the credit rate (from the IRS tables) to find the credit amount. However, the maximum contribution amount that may qualify for the credit is $2,000 ($4,000 if married filing jointly), which means the maximum credit is $1,000 ($2,000 for married filing jointly) if the credit rate is 50%. To find the exact credit amount for David, you would need to fill out Form 8880 with his specific financial

details, including his AGI, filing status, and total contributions to his retirement accounts. Here's a step-by-step guide to help you calculate David's Saver's Credit: 1. **Verify Eligibility**: Confirm that David meets the basic requirements for the Saver's Credit: - He is over 18 years old. - He is not a full-time student. - He is not claimed as a dependent on someone else's tax return. 2. **Identify Contribution Amount**: Determine the total amount David contributed to his eligible retirement accounts, such as an IRA or an employer-sponsored plan like a 401(k). Only the first $2,000 of his contributions ($4,000 if married filing jointly) may be eligible for the credit. 3. **Determine AGI**: Find David's adjusted gross income (AGI) on his tax return. This figure is crucial as it impacts the credit rate. 4. **Consult the Income Limits**: Check the current year's IRS income limits for the Saver's Credit, which will tell you the percentage of the contribution that can be credited. These percentages are 10%, 20%, or 50%, depending on the AGI and filing status. 5. **Calculate the Credit**: Multiply the eligible contribution amount by the applicable credit rate to find the tentative credit amount. Remember, the credit cannot exceed $1,000 for individuals or $2,000 for married filing jointly. 6. **Complete Form 888

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