I graduated last May. I then got a job. Although I contributed a qualifying amount to a retirement account, according to form 8880 I am not eligible for the saver's credit because I was a student.
I've googled around, but I can't seem to find any reasoning behind this exclusion. I'm assuming that the 5-month rule is designed to specifically catch people like me who graduated in May. Does anyone know why recent college grads aren't allowed to take the saver's credit? Where by "why" I mean, what the reasoning is behind the exclusion... "because it's the rules" is not a satisfactory answer.