27 Dec 2012

Retirement Plan Limits Increase in 2013

By Jason Alderman

By Jason Alderman

Benjamin Franklin once declared, "Nothing can be said to be certain, except death and taxes." Although I don't have any updates on the former, where taxes are concerned I do have news:

As it does every year, the Internal Revenue Service announced 2013 cost-of-living adjustments to many of the amounts you and your employer can contribute toward your retirement accounts. These new limits mean most people will be able to contribute more money in tax-advantaged accounts for their retirement savings.

Here are highlights of what will and won't change in 2013:

Defined contribution plans. The maximum allowable annual contribution you can make to workplace 401(k), 403(b), 457(b) and federal Thrift Savings plans increases by $500 to $17,500. Keep in mind these additional factors:

  • People over 50 can also make an additional $5,500 in catch-up contributions (unchanged from 2012).
  • The annual limit for combined employee and employer contributions increased by $1,000 to $51,000.
  • Because your plan may limit the percentage of pay you can contribute, your maximum contribution may actually be less. (For example, if the maximum contribution is 10 percent of pay and you earn $50,000, you could only contribute $5,000.)

Individual Retirement Accounts (IRAs). The maximum annual contribution to IRAs increases by $500 to $5,500 (plus an additional $1,000 if 50 or older - unchanged from 2012). Maximum contributions to traditional IRAs are not impacted by personal income, but if your modified adjusted gross income (AGI) exceeds certain limits, the maximum amount you can contribute to a Roth IRA gradually phases out:

  • For singles/heads of households the phase-out range is $112,000 to $127,000 (increased from $110,000 to $125,000 in 2012). Above $127,000, you cannot contribute to a Roth.
  • For married couples filing jointly, the range is $178,000 to $188,000 (up from $173,000 to $183,000 in 2012).

Keep in mind these rules for deducting traditional IRA contributions on your federal tax return:

  • If you're single, a head of household, a qualifying widow(er) or married and neither spouse is covered by an employer-provided retirement plan you can deduct the full IRA contribution, regardless of income.
  • If you are covered by an employer plan and are single or a head of household, the tax deduction phases out for AGI between $59,000 and $69,000 (up from $58,000 to $68,000 in 2012); if married and filing jointly, the phase-out range is $95,000 to $115,000 (up from $92,000 to $112,000 in 2012).
  • If you're married and aren't covered by an employer plan but your spouse is, the IRA deduction is phased out if your combined AGI is between $178,000 and $188,000 (up from $173,000 to $183,000 in 2012).
  • For more details, read IRS Publication 590 at www.irs.gov.

Retirement Saver' Tax Credit: As an incentive to help low- and moderate-income workers save for retirement through an IRA or company-sponsored plan, many are eligible for a Retirement Savers' Tax Credit of up to $1,000 ($2,000 if filing jointly). This credit lowers your tax bill, dollar for dollar, in addition to any other tax deduction you already receive for your contribution.

Qualifying income ceiling limits for the Retirement Savers' Tax Credit increased in 2012 to $59,000 for joint filers, $44,250 for heads of household, and $29,500 for singles or married persons filing separately. Consult IRS Form 8880 for more information.

27 Dec 2012

Governor Quinn Encourages Honoring Servicemembers this Holiday Season through Operation Hero Miles

By Leslie Wertheimer

Program Helps Injured Troops Overseas Connect with Family

CHICAGO - December 23, 2012. Governor Pat Quinn today joined United Airlines to encourage people across Illinois to help injured servicemembers overseas connect with their families this holiday season through Operation Hero Miles. This program helps wounded or ill overseas servicemembers and their families visit each other without having to worry about the financial burden of airfare.

"There's no better cure than the care and support of loved ones," Governor Quinn said. "Operation Hero Miles gives our Wounded Warriors a chance to be with family and friends while they heal and undergo medical treatment. I encourage people throughout Illinois and across the country to donate their frequent flyer miles to this program and help Wounded Warriors connect with their families this holiday season."

Administered by the Fisher House Foundation, Operation Hero Miles uses donated frequent flyer miles to provide free round-trip airline tickets to military families flying overseas to visit a servicemember receiving medical treatment. The program also enables wounded or ill servicemembers with approved leave to fly home at no cost. To date, Operation Hero Miles has issued more than 34,000 donated tickets, saving servicemembers and their families nearly $54 million. To donate airline miles, visit www.fisherhouse.org.

The governor recently returned from his eighth annual trip to visit servicemembers receiving treatment at Landstuhl Medical Center in Germany, bringing holiday cards made by children in Illinois with him.

Governor Quinn has made commitment to veterans, servicemembers and their families a top priority throughout his career in public service. He has led programs including the Illinois Warrior Assistance Program and the Veterans Cash lottery ticket, which has awarded more than $10 million to non-profit organizations across the state that provide health care and post-traumatic stress disorder treatment, housing assistance, disability benefits and other services to Illinois' veterans.

As Lieutenant Governor, Governor Quinn championed the Illinois Military Family Relief Fund Act, which established a fund to provide grants to families of Illinois National Guard members and Illinois residents serving in the U.S. Armed Forces Reserve components who were called to active duty as a result of the September 11, 2001 terrorist attacks. These grants help service members and their families with the costs of food, housing, utilities, medical services and other expenses they struggle to afford because a wage-earner has temporarily left civilian employment to be placed on active military duty. The fund has distributed more than $14.5 million to over 27,200 Illinois military families to assist with the financial burden at home when a loved one is deployed overseas.

For more information about these and other programs for our Veterans, visit www.OperationHomefront.org or call the Illinois Dept. of Veterans' Affairs at 217-782-6641 or 312-814-2460.

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27 Dec 2012

Climate Action on Presidents Day

By Randy Stalsberg
Six weeks after superstorm Sandy, much of the New Jersey Coast -- where I grew up and my family still lives -- remains in ruins.

No one is allowed to move back permanently yet -- and none of us were prepared for what we saw the first time we were let in to view the damage. The first floor of almost every house was gutted. It's surreal and heart-sickening to look down the streets and see the piles of people's storm-damaged possessions -- carpet, furniture, appliances, toys, and clothing -- lined up like haystacks.

The climate crisis is here, it is now, and it is affecting real lives. It has never been clearer that we need bold and immediate leadership. That's why on February 17, thousands of citizens will head to the White House and demand President Obama take serious action on climate -- you should be one of them.

Traveling to D.C. is no small task, but something this big has to start early, and it has to start with the people who care the most. 8,000 activists have already RSVP'd. Join them at the White House in Washington D.C on February 17 and make this the biggest climate demonstration yet: Those affected by Sandy are not the first Americans touched by the climate crisis. Last year, the U.S. had 14 storms that caused more than $1 billion in damages each, breaking all records. And across the country, wildfires have destroyed thousands of homes from Texas to Washington.

But there is good news. Together, we've proven time and time again that grassroots voices can speak louder than Big Coal and Big Oil's deep pockets. The last time we gathered in Washington, D.C., to demand climate action, thousands of us surrounded the White House -- and it worked. Right when every political "expert" said the Keystone XL tar sands pipeline was a done deal, we beat the odds and convinced President Obama to take a year to study it.

So this Presidents Day, activists from the Sierra Club, 350.org, and other partner groups are going back. This will be the biggest climate demonstration yet -- if you can make it, you need to come and be a part of history.

You can make this a Presidents Day that President Obama won't forget -- sign up to join the rally, stop the toxic Keystone XL pipeline, and create tangible momentum for further climate action.

Together, it's our job to make sure the President sees a movement on climate that he can't ignore. We'll have more details about the rally next month, but for now, start making travel plans and circle February 17 on your calendar.

See you in February,

Michael Brune
Sierra Club Executive Director
27 Dec 2012

Artists Demand A Plan

By Mayors Against Illegal Guns
Some of the best known names in entertainment are stepping forward to Demand A Plan to end gun violence.

Please take a minute to watch the powerful message they recorded and share it with your family and friends.

Thank you for spreading the word,

27 Dec 2012

Season's Greetings from the German American Heritage Center

By Janet Brown-Lowe
Greetings!
We would like to take this opportunity to let you know about a challenge we have received from the Riverboat Development Authority. With this challenge, we must raise $150,000 by April 1st, 2013. When this challenge is met, the RDA will grant us an additional $75,000! This is a wonderful chance to make your giving to GAHC this year go even further!
Gifts of $100 become $150, $200 become $300, and so on. We will be mailing out details about this prospect shortly. Please contact us at 563-322-8844 to include us in your end of year donations. With your support, we will succeed in the mission to meet this challenge!

Sincerely,
German American Heritage Center
27 Dec 2012

Herbert Hoover NHS Closings

By Adam Prato
Herbert Hoover National Historic Site will be closed on Monday, December 24 in addition to being closed on the holidays on Tuesday, December 25 and Tuesday, January 1.
21 Dec 2012

Koffee Break in the District has new look, new menu

By Maria Sanchez

The Koffee Break restaurant in the District of Rock Island is now open under new ownership. 

The whole restaurant has received a make-over, from new colors on the walls to a new menu to a new dinner time.

Stop in at 1831 - 3rd Avenue (on the corner of 19th St next to the Establishment Theater) and see for yourself.  They're open Monday thru Friday from 6am until 3pm, and Saturday from 7am until 3pm.  They're also open on Friday and Saturday evenings for dinner.

The Koffee Break serves breakfast all day, and offers up two different breakfast and lunch specials each day.

21 Dec 2012

Schilling Statement on House Passage of NDAA

By Brian Smith
Thursday night, the House passed the H.R. 4310 - National Defense Authorization Act (NDAA) for Fiscal Year 2013 Conference Report, by a bipartisan vote of 315-107.  The final bill included a number of provisions Congressman Bobby Schilling worked hard to include in this year's NDAA.  

Schilling is the only Illinois member of Congress on the House Armed Services Committee (HASC).  During his term he has fought for common-sense policies that promote public-private partnerships, create jobs and provide care and support to our warfighters and their families.

The NDAA authorizes $640.7 billion in funding for defense and national security priorities, provides a 1.7% pay increase to military personnel, and prevents Guantanamo Detainees from being moved to U.S. soil.  According to the Congressional Budget Office, this legislation would reduce the deficit by $52 billion over the next 10 years.

In May, with the support of Congressman Schilling, the House approved H.R. 4310.  The final bill approved yesterday includes a number of House provisions Schilling worked to include :

Language authored with Congressman Dave Loebsack (IA-02), also a member of HASC, to ensure the Department of Defense (DOD) recognizes the critical manufacturing work done at facilities like the Rock Island Arsenal (RIA)  in our overarching national security strategy, and reviews how to maintain those skills and therefore the people who do the work.  Schilling and Loebsack built on their historic, bipartisan work to strengthen the arsenal in last year's NDAA.

Language in Section 735 authored with Congressman Steve Stivers (OH-15) to better shape the policies and practices of TRICARE to efficiently and effectively account for the specific health care needs of children.  TRICARE is the military health care system covering 9.6 million, including military retirees, the children and families of active duty soldiers, and National Guard and Reservists.  As the program's reimbursement structure is based on Medicare, TRICARE often adopts policies and practices from Medicare that do not account for pediatric health care delivery and settings.  This Schilling and Stivers language will convene a working group to review and make recommendations for improving TRICARE policies and practices to account for children's needs, and work jointly with specialty providers of children's health care.

Language in Section 587 authored with Congressman Dan Lipinski (IL-03) to encourage cooperation between the DOD and universities to uncover the remains of American troops who died in action overseas. This bipartisan provision will help provide closure for families with lost loved ones, and will honor those who gave so much for our country.  Universities such as the University of Illinois are already working to reduce the backlog of cases that have been reported but not investigated or for which remains have been located but not recovered, but there is bureaucratic red tape that complicates coordinating efforts with the DOD.  This provision will help DOD be more cost effective and increase the speed at which we can bring our warfighters home from more friendly countries, allowing the DOD to focus on its recovery efforts in more dangerous areas of the world.

Language in Section 1641 authored with Congresswoman Judy Chu (CA-32), who serves with Schilling on the Small Business Committee, to reform small business contracting and make it easier for small contractors wishing to do business with the federal government.  Small businesses have proven that they can perform a service or produce goods for the government at a lower cost and often at a faster pace than their larger counterparts, but many challenges remain for businesspeople seeking to break through the bureaucracy.  This bipartisan provision allows the Small Business Administration to oversee civilian mentor-protégé programs (programs intended to partner small businesses with established mentors to improve the small business' ability to win contracts and subcontracts), facilitating inter-agency agreements, guaranteeing that programs benefit small businesses, and encouraging equal treatment among all small businesses, including those owned by women and minorities. 

The legislation includes a number of broader provisions as well, including:  

Provisions providing for the warfighter and military families: The NDAA seeks to provide our warfighters and their families with the care and support they need, deserve, and have earned.  It ensures that our military is robust, flexible, and capable.  The NDAA rejects Administration proposals to increase some TRICARE fees and establish new TRICARE fees; authorizes a 1.7 percent pay increase; and extends bonuses and special pay for our servicemen and women.  It also reflects a bipartisan effort actively supported by Schilling to provide new regulations and procedures to combat and prosecute sexual assault within the military.

Provisions to maintain and rebuild our military: The NDAA does not authorize additional rounds of Base Closure and Realignment Commission (BRAC) in either FY2013 or FY2015, as had been called for by the Department of Defense.  Schilling strongly opposed efforts to authorize a BRAC.  The bill includes and restores vital systems, platforms, and authorities to maintain America's combat power after a decade of war.

Provisions pertaining to detainees: The FY2012 NDAA reaffirmed U.S. authority to pursue terrorists who are part of or substantially support al Qaeda, the Taliban, or associated forces.  The FY2013 NDAA, though the incorporation of the Right to Habeas Corpus Act, makes clear beyond a shadow of a doubt that every American will have his day in court.  It also prohibits the transfer of Guantanamo Bay detainees to the United States.

# # #
To send Congressman Schilling an e-mail, click here
21 Dec 2012

VON MAUR Sponsors Second Annual Red Kettle Match Day

By Holly Nomura
Your Donation will Double On Saturday, December 22nd !

Quad Cities, USA: Von Maur, the locally owned fashion department store, will sponsor their second annual Red Kettle Match Day for The Salvation Army of the Quad Cities.

On Saturday, December 22nd, Von Maur will make a dollar-for-dollar match of up to $10,000 to Quad Cities red kettles at Northpark and Southpark Malls. The four locations include the 4-foot tall red kettles inside the malls and the food court kettles.

During these difficult economic times, donations are needed more than ever as the number of people requesting services from The Salvation Army continues to rise. The Salvation Army asks the community to take VON MAUR up on their challenge in order to maximize gifts made to The Salvation Army of the Quad Cities.

"We have seen the impact of Salvation Army first hand and appreciate the work they do for the community. We are proud to support this important organization," said Jim von Maur, President.

"The Salvation Army is so pleased to partner again with such a notable and admired business in our community," said Major Gary Felton, Quad Cities coordinator for The Salvation Army.

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21 Dec 2012

The Salvation Army Is $185,000 Short of Red Kettle Campaign Goal

By Holly Nomura
The Snow Day Sets Campaign Back at least $12,000!

Quad Cities, USA: With red kettles wrapping up on Christmas Eve, the Red Kettle Campaign is still $185,000 away from making its 2012 fund raising goal.

"Weather determines the success of our campaign, and we have been very blessed with good weather," said Major Gary Felton, Quad Cities coordinator for The Salvation Army. 

"Closing kettles down on Thursday will impact the goal greatly, though. We are grateful to Von Maur for partnering with us on Saturday for a Match Day at the malls! We hope Von Maur's generosity of a match up to $10,000 will help make up for the day we missed."

Felton continued, "I cannot stress enough how this campaign sets the tone for our entire year of services. We have raised a significant amount so far and are very grateful to this community but there is still a long way to go."

The 2012 Red Kettle Campaign goal is $725,000. As of Dec. 19th, the donation total is $540,000. The Salvation Army is compelled to make another plea to the community.

There are many ways to share your blessings with others:

An online gift to: www.usc.salvationarmy.org/quadcities

Call to 1-800-SAL-ARMY for a credit card donation.

Or a check can be mailed to: The Salvation Army, 301 W. 6th Street, Davenport, IA 52803

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