[104-10433-10212.pdf — page 120]
Schedule B (Form 1040) 1962Page 2# Part V—RETIREMENT INCOME CREDIT## A—General RuleIf separate return, use column A only. If joint return, use column A for wife and column B for husband.Did you receive earned income in excess of $600 in each of any 10 calendar years before 1957? (Wid-ows or widowers see instructions, page 8-3)|     | A   | B   || --- | --- | --- || Yes | □   | □   || No  | □   | □   || Yes | □   | □   || No  | □   | □   |If answer above is "Yes" in either column, furnish all information below in that column.1 Retirement Income for taxable year:(a) For taxpayers under 65 years of age:Enter only income received from pensions and annuities under public retirement systems (e.g., Fed., State Govts., etc.) included on page 1, line 9, Form 1040.(b) For taxpayers 65 years of age or older:Enter total of pensions and annuities, interest, and dividends included on page 1, line 9, Form 1040, and gross rents from Part II, column 2 of this schedule.2 Maximum amount of retirement income for credit computation . . . . . . . . . . . . . . . . . . . . . . .|           |           || --------- | --------- || $1,524 00 | $1,524 00 |3 Deduct:(a) Amounts received as pensions or annuities under the Social Security Act, the Railroad Retirement Acts, and certain other exclusions from gross income.(b) Earned Income received (Does not apply to persons 72 years of age or over):(1) Taxpayers under 62 years of age, enter amount in excess of $900 .(2) Taxpayers 62 or over but under 72, enter amount determined as follows:If $1,200 or less, enter zero.If over $1,200 but not over $1,700, enter ½ of amount over $1,200;or if over $1,700, enter excess over $1,450.4 Total of lines 3(a) and 3(b).5 Balance (subtract line 4 from line 2).6 Line 5 or line 1, whichever is smaller.7 (a) Total (add amounts on line 6, columns A and B).If line 7(a) is less than $2,286 and this is a joint return and both husband and wife are age 65 or over, complete the Alternative Computation in B below which may result in a larger credit.(b) Amount from line 7 of part B below, if applicable8 Tentative credit. Enter 15% of line 7(a) or 15% of line 7(b), whichever is greater.LIMITATION ON RETIREMENT INCOME CREDIT9 Amount of tax shown on page 1, line 12, Form 104010 Less: Credits claimed for foreign taxes or tax-free covenant bonds11 Subtract line 10 from line 912 Credit. Enter here and on page 2, Part V, line 1, Form 1040, the amount on line 11 or line 6, whichever is smaller.B—Alternative Computation (after completing lines 1 through 7(a) above)This method You are married and filing a joint returnis available if: b. Either you or your husband is age 65 or over; andc. Either you or your husband received earned income in excess of $600 in each of any 10 calendar years before 1957.Furnish the information called for below for both husband and wife only if only one answered "Yes" in column A or B above.|                                                                                                                                                                                                  | HUSBAND   || ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------- || 1 Retirement income of both husband and wife from pensions and annuities, interest, and dividends included on page 1, line 9, Form 1040, and gross rents from Part II, column 2 of this schedule | $2,286 00 || 2 Maximum amount of retirement income for credit computation                                                                                                                                     |           || 3 Deduct:                                                                                                                                                                                        |           || (a) Amounts received as pensions or annuities under the Social Security Act, the Railroad Retirement Acts, and certain other exclusions from gross Income.                                       |           || (b) Earned Income received (Does not apply to persons 72 years of age or over):                                                                                                                  |           || If $1,200 or less, enter zero.                                                                                                                                                                   |           || If over $1,200 but not over $1,700 enter ½ of amount over $1,200;                                                                                                                                |           || If over $1,700, enter excess over $1,450.                                                                                                                                                        |           || 4 Total of lines 3(a) and 3(b).                                                                                                                                                                  |           || 5 Total (add amounts on line 4, columns A and B)                                                                                                                                                 |           || 6 Balance (subtract line 5 from line 2)                                                                                                                                                          |           || 7 Enter here and on line 7(b) of part A above, the amount on line 6 or line 1, whichever is smaller                                                                                              |           ||                                                                                                                                                                                                  |           || GPO: 1962 0-629997                                                                                                                                                                               |           || 698-18-1                                                                                                                                                                                         |           |