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If you selected that you were a full-time student, you will be disqualified from receiving the credit for qualified retirement savings contributions on Schedule 3 (Form 1040) Additional Credits and Payments, Line 4. If you need to change that selection, follow the steps below and 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:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then click Federal.
  2. Click Other Credits in the Federal Quick Q&A Topics menu to expand, then click Retirement savings contributions credit.
  3. Continue with the interview process to enter all of the appropriate information.

Note. You can change your status on the screen titled: Was <name> a full-time student during part of any five months during 2020?

For the purposes of this credit, you were a student if during any part of five calendar months of 2020 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 Form 8880 for more information, starting on page 2.

Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.

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