Reagans Paid $125,317, Got $31,000 Back

SANTA BARBARA — President Reagan and his wife, Nancy, paid $123,517 in taxes on an adjusted gross income of $336,640 in 1986, according to a copy of the pair’s tax return.

The Reagans’ tax form, which they signed Monday and which the White House press office made available to reporters today, shows the Reagans got a tax refund of about $31,000.

They set aside $15,000 of the refund to apply to 1987, the forms showed.

In a statement accompanying the release of the tax form, Reagan said that “for most of us, Tax Day has never been what you would call a cause for celebration. But this year is different.

“This is the last gasp of the old tax code,” he said in a statement. “This April 15 is the last time Americans will pay the higher, complicated rates of the old system. Starting this year, tax reform takes over.”

The Reagans gave about $30,000 to charity, including $11,800 to Reagan’s alma mater, Eureka College in Illinois.

In the continuing dispute over Nancy Reagan’s age, the tax return shows that only the 76-year-old President claimed the exemption for those 65 and over. The First Lady claims to be 63, but various accounts place her age at 65.