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Show 'lif Tg,rg Thursday, Feb. New retirement credit to aid those over 65 Certain taxpayers 65 years of age and older can take advantage of a new, more liberal, tax credit to reduce taxes on their 1976 tax returns, the Internal Revenue Service said. This new tax break, retroactive to January l, 1976, is a credit based on all types of income. For many taxpayers, the new credit can reduce taxes a by amount than a larger previous retirement income credit, because the old one was figured on only retirement income such as pensions and annuities. The new credit, however also applies to earned income such as salaries and other pay, the IRS said. In addition to being at least 65 or older to be to a credit of 15 percent of up to $2,500, to a maximum of $375, the IRS said. The credit is 15 percent of up to $3,750 to a for a maximum of $563 husband and wife who each eligible for the credit, in- meet the age requirement dividuals must be U.S. and file a joint return. citizens or residents, and have income. Also, there The amount on which the are special rules for persons credit is figured is reduced receiving public retirement by Social Security and income even though they Railroad Retirement are under 65. benefits dollar for dollar. Thus, a couple receiving and $2,500 in Social Security Single persons married persons filing joint benefits can only figure returns (and only one their credit on 15 percent of spouse is 65 or older), are $1,250 ($3,750 minus $2,500). ss f 5S li entitled i Another limitation on the credit is the ceiling for total income - $7,500 for single persons, and $10,000 for a couple, the IRS pointed out. When income is above the ceiling, the amount on which the credit is figured is reduced by $1.00 for every $2.00 above the limit. For example, income had $500, would then be sub- the. on figuring credit or having the IRS figure it for them in the instructions furnished in the tax packages mailed to inAdditional them. formation appears in if a couple totalling $11,000, their maximum credit would be 15 percent of $3,250. First, the $10,000 income ceiling would be subtracted from the $11,000 Publication The Carbon District Boy will hold their Klondike Derby Friday and Saturday in an area about a mile north of the Carbon for the Elderly, available free by sending an order blank from the tax package to the IRS or by calling your local IRS Credit income received, giving $1,000. Half of the $1 non, Cr County Airport. 8 9- 42 e 5 a O a O oc M O O O d nv a ij 0) . i 55 4, 5. S wi 3; 1 50 ?! Is .. 58 10 55. 4 il V; U 4 c .sr yf g Y GD o ea a a S g o Odd 8w r o V )u .C cd b to1" o H 7: If.! u da Vti OjS & k .Of ft- - V .fa ? J r5. g E. 1 1 1 5 55 5o Jo i ss; v v S w D n o at sk ij:5 Tf! fi D) CD a w u s cn w 8 W ! ;s a u ca ca s w S m T3 T3 55 - o o 2 O ca o o t H0 Mo shNU 0aaaa S M- - 8 n (uo ) o X. - JiD u I i! i a SS I . u - 0 ? Cl V JLO a si ts ? gf.A gj w p-- w- 00 A hi W t: CO m CL c y 2 O 00 2 ai t 3 ca wi J HW MM ' 5i U -IS t3 O 5 O w SSL- - ' $ V .E S o 3 5 mi Winners in each event will get gold nuggets. jl M 1! signaling. Scouts will rendevous at the site after school Friday and camp out that night. At I oa a m. the next day, the Klondike Derby competition begins. The boys will compete in the events of first aid, lashing, fire rescue and building, 9 Scouts Tax 524, 9 Carbon Scouts to hold derby tracted from $3,750, to leave the $3,250 on which the 15 percent credit is figured, the IRS said. Taxpayers can find information Sun Advocate, Price, Utah 17, 1977 I J2 a. fc c a v-- H v a 0 4) 4) 0 V .2 nu& dd a a: I ft) ddd d W s js i 0 V dS o iG5D ' Op 13 12 S3 II E 5. 31 ou -S Ina uuo uou I 2 o u I X 4co il S m O d dd .S i S d d d 3 JS - .92 dJ! z z d .2 SS3K-- 0001r Ss W. H o 01 O w 5 v w O UJ I ui fl C 5 fa a zjL JS CL O i,MV 'mY 7 .4 o Q OD c e sSs IS s? 5s r - -noca a) M VI x 9 O s o U C il 3 2 JE t u . c n o3 "O' 52o g u ik n S LSa VM mSm s K a tmm O ? Ntii An ii ir d dd L V u tif 4 J.. D dd d 0km tvi o 5 ono ca d m d d dd d m U Q. fc - CL ddd E 13 r -- n jj ffligaigsTpfijgjp u aaa il I w $ Ol CD ? S l 0 113 VI VvN ApVNj-- rl rl iid Ti itl rt D G3 2 J! J! 41 o .S2 ssli 'f. ' SS o 2cO cmj. 1 A S o |