IRS Posts Updated Draft 2025 “Saver’s Credit” Form

The Internal Revenue Service has posted a revised draft 2025 Form 8880, Credit for Qualified Retirement Savings Contributions. This form is used by taxpayers to determine the amount, if any, that can be claimed as retirement savings contribution credits (known as the saver’s credit) for making contributions to an eligible employer-sponsored retirement plan, IRA, federal Thrift Savings Plan, or ABLE account. The credit is calculated as a percentage of contributions depending on the taxpayer’s adjusted gross income, with a maximum credit of $1,000 for single filers and $2,000 for married taxpayers filing a joint return.