Spousal IRA Gains In 1977 Tax Strategy
As of 1977 the spousal Individual Retirement Account is added to 1975 qualified plans allowing up to the lesser of 15 percent of earned income or 1750, giving a larger deduction for a nonworking spouse. You may contribute to a spousal IRA and receive the same tax breaks as a regular IRA, with current deduction and tax free growth until age 70. The article answers common questions about setting up a new spousal IRA versus increasing an existing IRA contribution.
Tax breaks for spouses and spousal IRAs explained
The article outlines spousal IRA setup before year end 1977 using two separate IRAs, with Form 5329 to claim the larger spousal deduction. It explains eligibility require ments including earned income, limits on contributions, and rules if a spouse later joins a company retirement plan. It also notes a new 1977 deduction for contributions made by February 14, 1978.
MENTIONED IN THIS ARTICLE
IRS
Legionnaires Disease Traced to Bacterium After 1976 Outbreak
The illness first named during the 1976 Philadelphia Legion convention deaths led researchers to identify a pneumonia causing bacterium as the culprit. Agencies spent years and millions investigating causes amid theories and scare stories as over 350 confirmed cases emerged.
Legionnaires Disease Outbreak Identified Across States
Trailing a killer been identified in 24 states. Seventy five deaths have been attributed to the disease. The CDC in Atlanta leads the search as officials admit source and transmission remain unknown. They estimate up to 45000 cases occur annually in the United States, with thousands of deaths possible. Research suggests many undiscovered bacterial and viral infections may exist. Work in this field could span years.
MENTIONED IN THIS ARTICLE
Center For Disease Control
Atlanta
CDC
United States
Sam Cahn on eras and CBS tribute in new music special
Sammy Cahn speaks from New York about aging songwriters and the changing music scene. He has 18 new tunes in a November CBS special Once Upon a Brothers Grimm and recalls early days with Saul Chaplin at the Brill Building. He notes today’s singers often don’t write their own material and calls the shift a natural, if puzzling, evolution.
MENTIONED IN THIS ARTICLE
Los Angeles
Sammy Cahn
New York
Cahn
CBS Music
Frank Sinatra
Beverly Hills
Saul Chaplin
Brill
Manhattan
Rainbow Room
CBS
Frustrated President Targets Federal Reform Effort
The piece criticizes federal workers’ protections and recalls Paul Harvey’s jab at official waste. It notes President Carter’s push to reorganize 2.8 million workers, but cites Civil Service rules, many laws and executive orders, and unions as obstacles. It describes proposals to simplify the system and the need for voter pressure to spur Congress.
MENTIONED IN THIS ARTICLE
Congress
White House and
Civil Service Commission
Corry judge under scrutiny in payroll case and other clashes
Jack Anderson reports Justice Dept. prepared to subpoena files in a payroll case against Judge Ritter amid claims of intimidation and extrajudicial activities. Witnesses describe misconduct and a hostile court environment while Sen. Garn leads pressure to remove the judge.
MENTIONED IN THIS ARTICLE
Justice Dept
Department
FBI
Jolley
Ritter
Community Center Rivalry Hints in School Sports
Retrospect notes school teams pushing for use of a new community center for practices and events. A clash looms between school programs and broader community use, with local hope for a busy, multi-use facility.
MENTIONED IN THIS ARTICLE
CAHS
Also Mentioned on This Page
Corry Journal
Prentice-Hall
Sylvia
Treasury
Wale
Philadelphia
Sammy Balks
By Jay Sharbutt
AP Television
Alan Campbell
The
U.S. News & World Report
Wall Street Journal
Department of Health, Education and Welfare
Washington
Utah
Willis W. Ritter
Tate
Nicholas
U.S
Vickie Jolley
Paul Harvey
Economist
President Carter
Jule Sugerman
By Jack Anderson
Corry
Associated Press
Digalay
Salt Lake City
Garn
Coast Guard
Wartsila
Sen
Henry Jackson
D-Wash
Navy
R. James Woolsey
Finland
U.S Navy
U.S. Coast Guard
New Hampshire
Robert Gigilo
Giglio
Federal Drug Administration
FDA
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