Page 5 - Ft. Irwin High Desert Warrior April 7, 2017

www.aerotechnews.com/ntcfortirwin
High Desert Warrior April 7, 2017
5
Tax Info.
Some last-minute ways to reduce
your taxable income CPT Cadence Tuttle
Fort irwin tax Center and Legal Assistance office
The end of tax season is rapidly approaching and we want to give you some last minute information about how to reduce your taxable income. Taxable income is your gross income after you subtract all of the deductions that the IRS allows. One of these deductions is a contribution to a traditional Individual Retirement Account (IRA). Most taxpayers can contribute up to $5,500 dollars per year ($6,500 if you are 50 or older) and subtract that contribution from taxable income. If you are married and file a joint return, each spouse can contribute to his/her individual IRA if at least one of the spouses has earned income. This means a married couple can deduct a maximum of $11,000 per year from taxable income. IRA contributions can be made until the last day of tax season. For example:
SFC Snuffy and his wife Sarah are having their 2016 joint return prepared. They are both 35 years old. SFC Snuffy has a taxable income of $50,000. Sarah had no taxable income for 2016. SFC Snuffy and his wife Sarah may both con- tribute $5,500 to their IRAs for 2016. As long as they make this contribution before April 18, 2017, they can deduct $11,000 from their taxable income.
For more information, contact the Fort Irwin Tax Center 760-380-3604. For the IRS explanation of the credit, please visit: https://www.irs.gov/ retirement-plans/individual-retirement-arrangements-iras-1. Tax season ends on April 18 and we strongly encourage the Fort Irwin community to take advantage of the services offered by the Tax Center.
JOIN US FOR
SATURDAYS & SUNDAYS APRIL 8
OPENING WEEKEND! April 8 & 9
thru MAY21
Santa Fe Dam Recreation Area Irwindale, CA 626-969-4750 • 10AM to 7PM
RENFAIR.COM
Print and present coupon at Faire Box Office to receive the following:
OPENING WEEKEND!
$10 OFF One full priced Adult Ticket
Offer & ticket valid Saturday, April 8 or 9, 2017 only.
AN 4/7
Regular Adult Ticket Price is $29.95. Offers cannot be combined.
Children 4 & under always admitted free. No pets or smoking, please. Limit one coupon per person. Not valid with any other offer. Not valid with online ticket sales.
The Santa Fe Dam Recreation Area is a United States Army Corps of Engineers Facility and a unit of the County of Los Angeles Department of Parks and Recreation System
For more information go to www.irwin.army.mil