Reagans Paying $147,826 Tax; Had $440,657 Income

President and Mrs. Reagan are paying $147,826--a little more than a third of their $440,657 adjusted gross income--in federal income taxes for 1984, according to their joint return, released Friday by the White House.

The return, prepared by Los Angeles attorney Roy Miller and signed by the Reagans on Tuesday at their ranch where they are vacationing near Santa Barbara, showed a taxable net income of $332,852, after taking account of $104,805 in itemized deductions.

It also reported that a blind trust created when Reagan took office to insulate his presidential decisions from his financial holdings had a $104,196 short-term capital loss. As they have in the past, the Reagans declined to check the box on the return that would have permitted them to allocate $1 each to the national presidential campaign fund.

White House spokesman Larry Speakes, when reminded that the Reagan campaign accepted $26 million from the fund last year, said at a news conference in Santa Barbara: “If (other candidates) are going to accept money, he’s going to accept it. . . . But he does oppose it.”

According to the return, $70,431 in taxes was withheld from Reagan’s salary, with another $92,000 paid in advance quarterly installments. The Reagans are applying a $14,605 overpayment toward their 1985 tax.

As has been the case in every year since the President took office, the First Family received less than half of its gross income from Reagan’s $200,000 presidential salary. The balance came principally from investments, which yielded $115,608 in interest and $86,676 in dividends, mostly funneled through the blind trust administered by the Bank of America.

Reagan listed $26,997 as the proceeds of his pension as a two-term governor of California and reported another $3,600 in rental income from the government for land on his ranch, which is used as the site for a radio navigation device.

The return showed that the Reagans have received $800,100 so far from the sale in 1982 of their former home in Pacific Palisades.

The return showed cash contributions totaling $20,616. As he has before, Reagan sent $5,000 to Eureka College, Eureka, Ill., his alma mater. Another $4,786 went to the National Federation of Parents for Drug Free Youth, representing Mrs. Reagan’s residual receipts from television appearances and articles supporting her crusade against drug abuse.

Also made public Friday was the 1984 tax return of Vice President George Bush and his wife, Barbara. It showed that they paid $11,735 on an adjusted gross income of $87,239. For 1983, they paid $18,305 on a gross income of $142,117.

The sharp drop resulted partly from payment by the Bushes last year of $54,671 in interest on a $144,000 tax deficiency claimed by the IRS in connection with a capital gain from the sale of their former residence in Houston. The interest payment is deductible.

The IRS increased Bush’s 1983 tax bill last March after disallowing a tax deferral that Bush claimed on profits from the sale of the Houston home, which he tried to “roll over” when he purchased a home in Maine.