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Definition Of Heroes Earned Retirement Opportunities Act - Hero:


Legislation passed by Congress on May 18, 2006, that allows tax-free combat-related compensation received by military personnel to be considered taxableincomeforIRA contribution purposes.
Military personnel also will be able to make IRA contributionsbased oncombat payearned from January 2004 to May 2006 - up to two years beforethe act became law.Previous to the act's creation, military personnelwho primarily received combat pay as their main source of compensation would not be able to contribute toan IRA.Because combat pay is not considered taxable and IRA regulations stipulate that the maximum IRA contribution is the lesser ofeither $4,000 or the amount of taxable income received, themaximum contributionallowed was effectively zero dollars.

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