Urbana Kindergarten Connection to be held on April 5
Photo-of-the-Day | Miller pounds 3-run homer
Are you eligible to claim the IRS saver’s credit?
NAPSI -— Here’s good news, for a change, from the IRS: It offers an incentive to lower your tax bill when you save for retirement. With pandemic-related employment disruptions last year, more taxpayers may be eligible to claim the Saver’s Credit but may not even know this tax credit exists. Also referred to as the Retirement Savings Contributions Credit, the Saver’s Credit can reduce federal income taxes for eligible taxpayers who save for retirement through a qualified retirement plan, such as a 401(k) or an Individual Retirement Account (IRA).
The 22nd Annual Transamerica Retirement Survey finds that fewer than half (48 percent) of workers are aware of the Saver’s Credit.
"People who are saving for retirement may be able to claim the Saver’s Credit and reduce their federal taxes," says Catherine Collinson, CEO and president of nonprofit Transamerica Institute and its Center for Retirement Studies. "Perhaps people are confusing the tax credit with the tax-advantage treatment of retirement accounts. The idea of a double tax benefit may sound too good to be true but both are available to retirement savers."
What Is the Saver’s Credit?
The Retirement Savings Contributions Credit is a non-refundable tax credit for contributions an eligible taxpayer makes to a 401(k), 403(b) or similar employer-sponsored retirement plan, a traditional or Roth IRA or an ABLE account. In this context, "non-refundable" means the credit cannot exceed a person’s federal income tax for the year. The maximum credit is $1,000 for single filers or individuals and $2,000 for married couples filing jointly.
Tips for claiming the Saver’s Credit
1.Check Your Eligibility
To be eligible, the maximum Adjusted Gross Income (AGI) for single filers is $33,000 in 2021 and $34,000 in 2022. For the head of a household, the AGI maximum is $49,500 in 2021 and $51,000 in 2022. For those who are married filing jointly, the AGI maximum is $66,000 in 2021 and $68,000 in 2022.
You must be 18 years or older by January 1 and cannot be a full-time student or be claimed as a dependent on another person’s tax return. Consider using the IRS’s online tool to help determine if you are eligible for the Saver’s Credit.
2.Save for Retirement
To claim the Saver’s Credit for 2021, you must have contributed to a 401(k), a 403(b), a similar employer-sponsored retirement plan or an ABLE account during 2021. Contributions to traditional or Roth IRAs are also eligible and you have until April 18, 2022 to make an IRA contribution for tax year 2021. Roll-over contributions are not eligible for the credit.
3.File Your Tax Return and Claim the Saver’s Credit
Let the IRS help you file your federal taxes with its Free File program. The program’s eight partners offer online tax preparation tools free to taxpayers with an AGI of $73,000 or less. More at www.irs.gov/FreeFile.
•When using an online tax preparation tool, be sure to answer questions about the Saver’s Credit, also referred to by the IRS as the Retirement Savings Contributions Credit and Credit for Qualified Retirement Savings Contributions.
•If you prepare your tax return manually, complete Form 8880, Credit for Qualified Retirement Savings Contributions, to determine your exact credit rate and amount. Then transfer the amount to line 4 on Schedule 3, which is used with Forms 1040, 1040-SR, and 1040-NR.
•If you use a professional tax preparer, be sure to ask about the Saver’s Credit.
"Consistently saving for retirement is fundamental to helping achieve financial security in retirement,” says Collinson. “Another way to help boost your retirement savings is to directly deposit any tax refund into an IRA. Saving more now could help you reap more later."
Learn More
For more details and resources on the Saver’s Credit in English and Spanish, visit Transamerica Institute at www.transamericainstitute.org/SaversCredit or the IRS at www.irs.gov.
Study finds firefighters’ risk of irregular heartbeat linked to the number of fires they fought
Guest Commentary | Unfortunately, the world is a difficult place for peace
Most of us simply want peace in our lives, nation and world. We enjoy resting in a warm or cool house, with something to eat, free from worry and stress. Peace is not always easy. This winter, chances are that your heating bill was chomping on your checking account and taking a huge bite out of your income. You may have turned your thermostat down and wore extra layers hoping to cut back on literally burning up your money. People have reported gas and electric bills from $500 to over a $1,000 for one month of trying to stay comfortable in their homes. While you are attempting to stay warm or cool, you are wondering if you can afford to start your car. Americans are seeing gas prices dance between $4.00 and over $6.00 for one gallon of gas. Filling up my old truck is pushing toward $150 at a time. When my wife goes to the grocery store the same staples seem cost more every time she goes. The current inflation is not only expensive but is chipping away at our peace. Peace? It’s hard to have peace if you go into cardiac arrest every time your utility bill arrives, you buy gasoline or go to the grocery store. If you are renting a place in America then you have a further burden as some Americans are paying over $2,000 a month to rent a house. If they can find one to rent. Russia has destroyed Ukraine and has become a major player in driving up our cost of living. We were already experiencing inflation but the entire planet is reacting to what Russia is doing to Ukraine. Do you remember when we heard the news that Osama Bin Laden had been shot by one of our seal teams? When and how will the murderous rein of Vladimir Putin end? We must hope and pray for an end to this evil. Unfortunately, the world is a difficult place for peace. The Bible assures us that in the last days there will be wars and rumors of wars. There will be pestilence, famine, and our hearts will fail us from fear. Thus, our peace must come from God who is greater than our problems. There is an internal strength and peace that comes when we focus our minds on Him. Currently millions of Ukrainians have nothing left but the shirts on their backs and whatever internal resolve and fortitude that is keeping them going. Our peace in America is very unsettling but compare your situation to millions of Ukrainians today. Pray for them and let us all give thanks for what we have.
Dr. Glenn Mollette is a syndicated American columnist and author of Grandpa's Store, American Issues, and ten other books. He is read in all 50 states. The views expressed are those of the author and are not necessarily representative of any other group or organization.
This article is the sole opinions of the author and does not necessarily reflect the views of The Sentinel. We welcome comments and views from our readers. Submit your letters to the editor or commentary on a current event 24/7 to editor@oursentinel.com.
Chicago-area colleges work to enroll more students
Illinois News Connection
Since the pandemic began, enrollment in Illinois community colleges has declined to its lowest point in years, and now, one school is working to keep students on track to graduate. City Colleges of Chicago already has launched two major initiatives to get folks who may have left college during the pandemic to return, or to keep folks in school who are considering leaving. Veronica Herrero, chief of staff and strategy for the schools, explained the Fresh Start program forgives debts for returning students, and the Future Ready initiative offers free education for high-demand fields. "We want to make sure that these students, especially if they're doing well and want to complete, that we're making completion accessible and possible for them," Herrero noted. According to the Illinois Community College Board, enrollment in community colleges across the state dropped from more than 271,000 in 2019 to about 230,000 in 2021, a decline likely partially attributable to the COVID-19 pandemic. In addition to the new programs, which are largely designed for current or returning students, City Colleges is working to attract students who graduated from Chicago Public Schools in 2020 and 2021 but did not enroll in higher ed. Herrero pointed out efforts include financial support, free laptops, Wi-Fi connectivity for virtual education and additional academic aid. "You know, we do everything we can to get the students enrolled in college as they're graduating high school," Herrero observed. "But we saw with the pandemic that many of our students were not able to because of family obligations or the issues brought upon them by the pandemic." Harry S Truman College, one of City Colleges' schools located in northern Chicago, is also partnering with the Center on Education and Labor at New America to develop new strategies to re-enroll students who put their education on pause during the pandemic.
Unity Junior High 3rd Quarter Honor Roll
This week, Unity Junior High School announced the names of students who achieved honor roll and high honor roll status during the third quarter. Two hundred and twenty-two students earned the requisite grade-point average to be recognized as an honor student.
6th Grade Honor Roll
Sadie Jo Carpenter
Madison Grace Castor
Garrisan Martin Cler
Kinzey Nicole Duitsman
Nolan Myles Elliott
Haley Elizabeth Ennis
Cohen Louis Fincham
Zoe Margaret Fish
Nathaniel Howard Hammer
Brady Cullen Harris
McKenzie Kathryn Heiple
Brooke Raelynn Henson
Payton Nicole Kinney
Jax Hunter Logsdon
Tysen Mac McConaha
Clint Michael McCormick
Nolan Mark Meharry
Payten Renee Tempel Niles
Clayton Wyatt Pruitt
Mia Lynn Reifsteck
Rainer Arizona Robinson
Caden Del Rogers
Riley May Schendel
Ian James Skibbe
Bradley Scott Jr Smith
Sawyer Allen Franks Weller
Cole Thomas Zorns
6th Grade High Honor Roll
Patrick Benjamin Baxley
Cooper Charles Beckett
Beckam Krystopher-Wayde Brown
Brilynn Creola Cain
Jackson Christopher Cheely
Skyler Andrew Chilton
Soren Lovell Davis
Dillon Michael Ellars
Kaylee Grace Estes
Carson David Fairbanks
Reagan Elizabeth Lisle Fisher
Mackinzee Brooke Gumm
Hallie Lynn Handal
Jordan Stephen Harmon
Roman James Hastings
Tessa Lynn Horn
Eve Oksana Isberg
Karleigh Grace Jamison
Lincoln Banner Johnson
Joseph Brooks Kamradt
Tatum Anne Kirby
Bryan Michael Kleiss
Dalton Robert Moose
Rhianna Olivia Ocasio
Kandace Lachelle Reed
Khison Able Reifsteck
Lillian Yvonne Ring
Caleb ArthurSaxon
Carter Charles Schmid
Sophia Grace Seidlitz
Caleb Joshua Siegwald
Lillie Jean Vanderpool
Kole David VanSickle
Gavin James Warren
John William White
Austin James Wiersema
Olivia Ann Williams
Adilynn Michelle Wilson
Olivia Ruth Witheft
7th Grade Honor Roll
Wyatt Leon Blanchard
Aiden Jacob Sharples Brooks
Kydie Cain
Emma Rose Carrington
Cadence Marie Chandler
Braedyn Lucas Dalton
Addison Tyler Davis
Elizabeth Lynn Farney
Ava Nicole Grace
Dustin Rose Harris
Ava Fay Jones
Rush Matthew Little
Miles Spencer Thomson Owens
Nicole Elizabeth Paeth
Sadie Jane Polonus
Evan Alexander Puckett
Malakai Roth
Isaac Benjamin Siegwald
Gabrielle Marie Spanglo
Madison Amanda Spohn
Maggie Jean Weckle
Tayleigh Sue Wilson
Ava McKenna Wolf Rice
Joel Mitchell Yergler
7th Grade High Honor Roll
Grace Michele Bickers
Paige Nicole Bradley
Aelyas Brito
Alex Martin Bromley
Clare Faustina Bryant
Brody Ray Butler
Ronin Carman
Berkley Jane Cloud
Caleb Benjamin Coy
Hudson Lee DeHart
Austin Michael Drewes
Danika Ann Eisenmenger
Allison Renee Fenter
Reese Bella Frye
Journey Maddison Gabbard
Bailee Mae Gadeken
Olivia Ashlyn Hall
Walker Dale Hall
Colton Ray Harmon
Broderick Wayne Irwin
Cheyenne Jean
Avery Nicole Kamradt
Kathryn Clara Knoll
Cash Cohen McCann
Carson Wesley McCune
Audrey Claire McDaniel
Landrey Michelle Mohr
Brooklyn Marie Mumm
Adam Lucas Reedy
Max Warren Rossi
Ethan Daniel Schaefer
Lane Edward Sexton
Allyson Lynn Shaw
Alyssa Renae Shields
Evalyn Alexandra Skibbe
Piper Estelle Staley
Grace Lynne Tempel
Jacob Michael Ward
Leah Marianne Watson
Elizabeth Johnna Wayne
Grace Ann Wherley
Rylan Kade Wolf
Addison Danielle Wyatt
Kendal Lea Zerrusen
8th Grade Honor Roll
Athea Elizabeth Baird
Graydin Martin Cler
Chloe Noelle Cousins
Chason Robert Daly
Taylor Renee Daly
Dane Robert Eisenmenger
Korina Mary Finical
Tanner Elizabeth Gallivan
Samantha Nicole Gumbel
Kenley Jo Harris
Joshua Todd Heath
Brayden Jonathon Henry
Tyler Reed Huntington
Anna Maeve Kuhns
Coleton James Langendorf
Johanna Ilene Langley
Isabelle Joy Levingston
Maxwell Cort McCabe
Travis Lane McCarter
Coleson Thomas Miller
Leah Jolynn Nickle
Andrew Neal Orr
Brody Michael Osterbur
Kyla Lanae Reed
Theda Marva Roether
Jillian Brooke Schlittler
Kamden Michael Schuckman
Lauren Patricia Stratton
Maddix Douglas Sutherland
Ian John Taber
Olivia Danielle Tempel
Sophia Louise Jean Toney
Desmond Mychel Winfrey
8th Grade High Honor Roll
Aria Eve Battaglia
Maddix Buchanan
Mylie Lynn Castle
Cameryn Dayle Cobb
Kaylee Marie Cooke
Eli Samson Crowe
Ella Jean Darnall
Annaliese Birtukan DeNeal
Crewe William Gene Eckstein
Callie Marie Ellars
Camden Michael Fairbanks
Margaret Rose Garcier
Collin William Graven
Isabel Grace Grob
Brooke Autumn Hartman
Tyler Jason Henry
Caden Maddox Hensch
Lucas Alexander Hood
Logan Phillip Jeurissen
Miles Kennedy Johnson
Faith Lyn Lampe
Kallista Jean Lancaster
Mylie Emily Margaret Loftsgaard
Sade Jean Lybarger
Claire Lynn Meharry
Ethan Lee Mohr
Phoenix Sky Molina
Deakin Frederick Moore
Isaac Julian Neverman
Mason Robert ONeill
Harry Matthew Polonus
Dallas Jordan Porter
Mackenzie Rose Pound
Ty Steven Rodems
Katie Marie Ruggieri
Vanna Lee Schriefer
Liana Grace Sheets
Hunter James Shike
Annalise Rose Shunk
Shelby Lynn Smith
Caden Alexander Stierwalt
Ginna Mae Stierwalt
Madelyn Rose Stierwalt
Tyler Jackson Styan
Emma Marie Swisher
Bailey Nicole Tompkins
Anna Vasey
Alexander Lane Wells
Paula Louise Wilson
Claire Morgan Zorns
The good news is that whether you’re a Gen Z-er hosting your first Friendsgiving on a budget or you’re a busy family preparing for guests, there is a lot to be thankful for this year.
Research has shown ACEs can alter a child's brain chemistry and produce a prolonged toxic stress response. Experiencing at least one ACE as a child is linked to having alcohol and substance use problems in adulthood, and chronic diseases such as diabetes and obesity.
What will? Replacing the subminimum wages that tipped workers make with one fair wage nationwide.
The federal minimum wage for most workers is just $7.25. But for workers who get tips, employers are allowed to pay them $2.13 an hour. If tips don’t raise your hourly pay to at least the ...
The culprit? She says symptoms of common mental health issues like depression, attention deficit hyperactivity disorder (ADHD) and bipolar disorder can overlap. So, it’s important to stay in contact with your provider to make ...