Form 8892 is used to calculate the credit for retirement savings contributions, as well as to report distributions made to pay for a variety of eligible expenses, including higher education, homebuyer expenses and medical expenses for a disabled dependent.
What is Form 8892?
Form 8892 is used for many purposes related to qualified retirement savings contributions. It is used by individuals to figure the amount of the credit for their contributions, as well as to report excess contributions, distributions used for qualifying expenses (such as higher education, first-time homebuyer, long-term care insurance premiums), and distributions used for eligible individuals with disabilities. It must also be used to report those distributions used for individuals who are dependents of the taxpayer, enrolled at least half-time in school, and meet other eligibility requirements.
IRS Form 8892 – Who Needs to Fill It Out?
Form 8892 is used by individuals who made contributions to a qualified retirement plan or IRA, and who need to figure the amount of the credit and report the contributions to the IRS. Additionally, the form is used to report any distributions from a qualified retirement plan or IRA that were used to pay for qualified education expenses, first-time homebuyer expenses, long-term care insurance premiums, health insurance premiums, qualified medical expenses, adoption expenses, student loan expenses, tuition and related expenses for an eligible individual with disabilities, or expenses for an eligible individual with a qualifying disability and is a dependent.
Step-by-Step: Form 8892 Instructions For Filling Out the Document
Filing Form 8892 can be done step-by-step, to ensure you are correctly claiming the credit for any qualified retirement contributions and provide any needed information related to distributions from a qualified retirement plan or IRA. When filling out the form, you will need to enter information about any contributions you have made and the amount of the credit being claimed. You need to report distributions from a qualified retirement plan or IRA that have been used to pay for qualified higher education, first-time homebuyer, long-term care insurance, health insurance, medical, adoption, student loan, tuition, related expenses, or expenses related to an eligible individual with a qualifying disability who is also a dependent and enrolled at least half-time in school.
Below, we present a table that will help you understand how to fill out Form 8892.
| Information Required for Form 8892 | Details |
|---|---|
| Form Purpose | Claim the credit for qualified retirement contributions and report related distributions. |
| Required Information | Information about contributions, credit amount, and distributions. |
Do You Need to File Form 8892 Each Year?
Form 8892 is an itemized report of expenses related to qualified retirement savings contributions. You must file Form 8892 each year if you made contributions to a retirement plan, IRA, or distributions related to qualified higher education expenses, first-time homebuyer expenses, long-term care insurance premiums, health insurance premiums, medical expenses, adoption expenses, student loan expenses, tuition and other related expenses, or expenses for an eligible individual with disabilities. The form must also be filed if any of the distributions are for a qualifying disabled dependent who is a student and enrolled at least half-time in a higher education program.
Download the official IRS Form 8892 PDF
On the official IRS website, you will find a link to download Form 8892. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 8892
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