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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Jan 19, 1984
Page
9
An IRA offers a rare last minute deduction for 1983, available until the return is due. It is one of several adjustments on Form 1040 that does not require itemizing. The article notes widespread use, with 11.5 million filers claiming the deduction last year and varying take by income level.
Washington notes a $500 earned income credit for families with three children and under $10,000 income, plus IRA rules. Eligible filers with wages or earned income may receive up to $2,000 per person into IRAs, with caps. The piece outlines filing status, dependent rules, and penalties for early withdrawals, plus other deductions and forms.
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