For 2007 tax returns

摘要

The clock is ticking on the Heroes Earned Retirement Opportunities (HERO) Act: Signed into law May 29,2006, this act allows servicemembers in combat zones to treat non-taxable combat pay as earned income for pur-poses of contributing to an IRA. This law is retroactive for two years - cover-ing those deployed in combat zones (and qualified contingency operations) in 2004 and 2005 - and allows deductible IRA contributions of $3,000 for 2004 ($3,500, if 50 or older that year) and $4,000 for 2005 ($4,500, if 50 or older that year). However, qualifying servicemembers only have until May 29,2009, to file an amended return and claim this benefit.