If you selected that you were a full-time student, you will be disqualified from receiving the credit for qualified retirement savings contributions on Line 51 of IRS Form 1040. If you need to change that selection, follow the steps below and IRS Form 8880 Credit for Qualified Retirement Savings Contributions
will be enabled again for your return.
To change the student status for the Retirement Savings Contribution Credit:
- From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
- Click Other Credits to expand the category and then click Retirement savings contributions credit
- The program will proceed with the interview questions for you to enter or review the appropriate information
On the screen titled Form 8880 - Taxpayer - Student Status
you have the ability to change your status. Select Not applicable
to clear out any selection made.
For the purposes of this credit, you were a student if during any part of 5 calendar months of 2014 you:
- Were enrolled as a full-time student at a school, or
- Took a full-time, on-farm training course given by a school or a state, county, or local government agency.
A school includes technical, trade, and mechanical schools. It does not include on-the-job training courses, correspondence schools, or schools offering courses only through the internet.
See IRS Form 8880
for more information.