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#4
02-10-2005, 07:08 AM
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 Re: Credit for Qualified Retirement Savings Contributions "TomYoung" <tgyoung[at]yahoo.com> wrote: - quote - > Looking at Form 8880 "Credit for Qualified Retirement
Nearly all of the credits only offset income tax liability.> Savings Contributions" it appears that the credit is > available only if you have taxable income. If you have a > tax liability strictly from other sources (e.g., > self-employment taxes) then you're not eligible for this > credit. Am I reading this form correctly? -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
02-10-2005, 06:29 AM
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| Re: Credit for Qualified Retirement Savings Contributions TomYoung wrote: - quote - > Looking at Form 8880 "Credit for Qualified Retirement
I think you are, yes. Assuming you have gross income, but> Savings Contributions" it appears that the credit is > available only if you have taxable income. If you have a > tax liability strictly from other sources (e.g., > self-employment taxes) then you're not eligible for this > credit. Am I reading this form correctly? deductions which wipe it out, and no "taxable income", you have no income tax against which to take the credit. You still owe the SE taxes, however. ChEAr$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
02-10-2005, 05:51 AM
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| Re: Credit for Qualified Retirement Savings Contributions TomYoung wrote: - quote - > Looking at Form 8880 "Credit for Qualified Retirement
Yes, I believe you are correct.> Savings Contributions" it appears that the credit is > available only if you have taxable income. If you have a > tax liability strictly from other sources (e.g., > self-employment taxes) then you're not eligible for this > credit. Am I reading this form correctly? MTW << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
02-10-2005, 04:54 AM
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| Re: Credit for Qualified Retirement Savings Contributions "TomYoung" <tgyoung[at]yahoo.com> wrote: - quote - > Looking at Form 8880 "Credit for Qualified Retirement
Yes. This is a credit against income tax.> Savings Contributions" it appears that the credit is > available only if you have taxable income. If you have a > tax liability strictly from other sources (e.g., > self-employment taxes) then you're not eligible for this > credit. Am I reading this form correctly? -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-10-2005, 04:54 AM
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| Re: Credit for Qualified Retirement Savings Contributions "TomYoung" <tgyoung[at]yahoo.com> wrote: - quote - > Looking at Form 8880 "Credit for Qualified Retirement
Yes. No regular liability, no credit.> Savings Contributions" it appears that the credit is > available only if you have taxable income. If you have a > tax liability strictly from other sources (e.g., > self-employment taxes) then you're not eligible for this > credit. Am I reading this form correctly? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-09-2005, 04:34 AM
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| Credit for Qualified Retirement Savings Contributions Looking at Form 8880 "Credit for Qualified Retirement Savings Contributions" it appears that the credit is available only if you have taxable income. If you have a tax liability strictly from other sources (e.g., self-employment taxes) then you're not eligible for this credit. Am I reading this form correctly? TIA Tom Young << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| contributions, credit, qualified, retirement, savings |
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