Don't forget this little but powerful credit for many taxpayers - Saver’s Credit
Under current law, low- and middle-income taxpayers may claim a saver’s
credit of up to $1,000 ($2,000 for couples) if they contribute to retirement
savings plans. The credit equals the credit rate times a maximum of $2,000 of
contributions to IRAs, 401(k)s, or certain other retirement accounts by each
taxpayer and spouse. The credit rate for 2011 depends on income and tax filing
status as shown in the following table. (For 2011, couples filing jointly must
have income below $57,500, heads of household income below $43,125, and other
tax filers income below $28,750 to claim any credit.) The credit is not
refundable and therefore has limited value for people with little or no income
For example if you are married and filing jointly, your adjusted gross income was
between $34,000 - $36,500 and you & your spouse saved $5,000 total, you can claim up to 20%,
or $1000 as a credit on your taxes. This is a credit, not a a deduction so it is a dollar for
dollar reduction of your taxes.
Claim the Saver's Credit by filing IRS Form 8880, Credit for
Qualified Retirement Savings Contributions
WOMEN'S HEART WEEK FEBRUARY 1-7
February is synonymous with Valentine’s Day, hearts and love. In keeping with that theme, February 1-7 we celebrate Women’s Heart Week as a reminder of the importance of caring for our hearts. Heart disease is the number one or two cause of death in women, regardless of race or age, according to the Centers for Disease Control and Prevention. Over a lifetime, heart disease kills 5 times as many women as breast cancer. The risk is real, the loss is great.
Oftentimes busy working women (both in and outside the home) often neglect their own health. A healthy life is an enormous part of your plan for a rich life. Take time right now to assess your own health. Look at the following risk factors to see where you might make changes.
Smoking or daily exposure to second-hand smoke
Past heart attack or known coronary artery disease
Elevated lipids (over 240 mg/dL. or HDL less than 35 mg/dL)
High blood pressure
Birth control pills (in combination with smoking)
Overweight (by 20 or more pounds)
Post-menopausal (and without estrogen replacement therapy)
A Heart Attack may cause some or all of these symptoms:
• Pain, pressure, fullness, discomfort or squeezing in the center of the chest
• Shortness of breath or difficulty breathing
• Stabbing chest pain
• Radiating pain to shoulder(s), neck, back, arm(s) or jaw
• Pounding heartbeats (palpitations) or feeling extra heartbeats
• Upper abdominal pain
• Nausea, vomiting or severe indigestion
• Sweating for no apparent reason
• Dizziness with weakness
• Sudden extreme fatigue
• Panic with feeling of impending doom
A note about women's milder symptoms - About a third of women experience no chest pain at all when having a heart attack and 71% of women report flu-like symptoms for two weeks to a month prior to having more acute chest discomfort or severe shortness of breath. These milder symptoms are under-reported to emergency room staff.
If you suspect a heart attack, call 9-1-1
• Say "I am having a heart attack".
• Chew an uncoated aspirin right away as this can reduce damage to the heart muscle.
• Go to the nearest medical facility with 24-hour emergency cardiac care. Don't drive yourself. If you're not sure that the pain you are experiencing is serious, it is best to go to the emergency room to find out.
• Get treatment quickly. Clot buster medicine and coronary angioplasty work best if provided after the first signs of distress, so don’t wait. Get to the emergency room without delay.
Learn more at Women’s Heart Foundation www.womensheart.org
Angie Furubotten-LaRosee, CFP® is a financial planner who helps regular people with "big picture" planning, focusing on their money and their lives.
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