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L
li_lu
Level 1
May 8, 2020
Question

Saver's credit 8880

  • May 8, 2020
  • 2 replies
  • 20 views

MFJ, husband received IRA distribution from inherited IRA (from mother) and wife made 401K contribution, will they qualify for saver's credit? If Yes, how it's accomplished using Pro connect? Than you

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
May 8, 2020

Savers credit should calculate automatically if they qualify.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    T
    TaxGuyBill
    Level 15
    May 8, 2020

    Maybe, but probably not.

    The distribution will restrict the Saver's Credit.  So unless the contribution is higher than the distributions in the last 3 years, there won't be a credit.  It does not matter if one spouse did the distribution and the other spouse did the contribution, it will still be restricted.

     

    EDIT:  See comment below.

      T
      TaxGuyBill
      Level 15
      May 8, 2020

      WAIT, I'm wrong!

      Inherited non-spousal IRA distributions do NOT affect it.

      https://www.irs.gov/publications/p590a#en_US_2019_publink1000231197

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