An Overview of Deposit Insurance

Quick Link: http://www.vodium.com/goto/fdic/pn100318_fdic_di_2006/go.asp





FDIC: Videos on Deposit Insurance Coverage

Videos on Deposit Insurance Coverage


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Say Scram to Online Scams

FDIC: Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams

Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams

Identity theft continues to be one of the fastest growing crimes in the United States, and has ranked as one of the top consumer concerns for the past several years. The Federal Deposit Insurance Corporation (FDIC) has produced a multimedia presentation to help consumers protect themselves from identity theft. The presentation provides information on steps consumers should take to secure their computer and protect themselves from identity theft, as well as actions consumers should take if they become a victim of identity theft. Financial institutions are encouraged to make the link available to their customers from their websites. This presentation is hosted by Vodium.

Don't Be an On-line Victim: How to Guard Against Internet Thieves and Electronic Scams .

Member, FDIC? It matters that your investments are insured...

FDIC: Federal Deposit Insurance Corporation

The Alliance for Economic Inclusion (AEI)
March 21, 2007
The FDIC's new national initiative to establish broad-based coalitions of financial institutions, community-based organizations, and other partners to bring all unbanked and underserved populations into the financial mainstream. The Alliance for Economic Inclusion (AEI)

WaMu's Useful Retirement Savings Tool

WM Financial Services - IRA Comparison Calculator

This tool allows you to estimate the relative advantages of depositing your retirement savings into several types of accounts: a Traditional IRA, Roth IRA, or a standard taxable account. Actual contribution limits, available deductions, and tax savings may vary according to a number of factors, and you should consult a financial and/or tax professional before taking any action.

h-e-l-p : Promote

Click to join h-e-l-p

Being covered by an employer plan may reduce your Trad IRA deduction

If you are an active participant in an employer sponsored retirement
plan, the following table provides you with lower and upper modified
adjusted gross income (MAGI) limits for 2006:

Your Traditional IRA contribution is:	If you are married, filing jointly and your MAGI is:	If you are single and your MAGI is:
Fully Deductible	Less than $75,000	Less than $50,000
Partially Deductible	More than $75,000 but less than $85,000	More than $50,000 but less than $60,000
Not Deductible	More than $85,000	More than $60,000

Catch-up contribution provisions for individuals attaining the age of 50 before December 31, 2006

• In addition to the maximum contribution limit, for 2006, eligible
  IRA holders can contribute up to $1,000 as a catch-up contribution.

An HSBC Securities Financial Advisor

will be happy to tell you more about a Traditional IRA, and whether
it's the right retirement investment for you. A world of financial
knowledge is available right at your neighborhood HSBC branch. Call
1-800-662-3343 or visit your HSBC branch to arrange a meeting.

HSBC Traditional IRAs deductible from 2006 income til 4/17/2007

Traditional IRAs

Traditional IRAs

Did you know earnings in your Traditional IRA are not subject to federal income tax until withdrawal? You may be able to deduct all or a portion of your Traditional IRA contributions (if you meet the requirements). And you can begin taking withdrawals from your Traditional IRA without any penalties when you reach age 591/2.

In addition, penalty free withdrawals can be taken for the following:

* You are using the withdrawal for a qualified first home purchase
* You are using the withdrawal to pay certain higher education expenses
* Certain conditions of unemployment or qualifying medical expenses
* The distribution was a result of disability or death

2006 Traditional IRA Eligibility Requirements:

* You are not age 701/2 in the year the contribution is made.
* You have earned income equal to the amount you contributed, up to a maximum of $4,000 ($8,000 combined for spouses if you file a joint return) per year.
* You may make an annual contribution to a Traditional IRA by the due date for your federal income tax return for the year. For tax year 2006, the deadline is April 17, 2007.

2006 Traditional IRA Contribution Limits

If you are not an active participant in an employer sponsored retirement plan, such as a 401(k), your entire contribution is tax deductible.

If you participate in an employer sponsored retirement plan, your Traditional IRA may be completely or partially deductible. Deductibility depends on the amount of your income.

Section 125 Cafeteria Plans...a flexible spending employee benefit

Cafeteria Plans

II. Types of Flexible Benefits or Cafeteria Plans


A. The following sets forth the major types of Flexible Benefits or Cafeteria Plans being used by employers today:


1. Pre-Tax Conversion Plan - a plan where the employees are covered by a contributory medical plan. Instead of the employee contributions being after- tax, the employee contributions are converted to pre-tax by complying with the rules of Internal Revenue Code Section 125 on cafeteria plans.


2. Multiple Option Pre-Tax Conversion Plan - a program where the employee can select an indemnity plan and one or more HMOs or PPOs with differing amounts of employee contributions. If the program complies with Code Section 125, the employee contributions to the selected plan will be pre-tax rather than after-tax. If the participant chooses not to participate in any medical plan, the employee does not receive any payments from the employer but does get to keep his own money.


3. Medical Plan Plus Flexible Spending Accounts - In addition to being covered by a medical plan, the employer allows participants to establish a medical flexible spending account. In most cases, the contributions to a flexible spending account are exclusively from the employee on a pre-tax salary reduction basis. The amounts credited to a flexible spending account are then used to pay amounts which are not covered by the medical plan such as deductibles, co-insurance amounts or cosmetic surgery. In addition, the employer can provide an option to have salary reduction amounts contributed to a Dependent Care flexible spending account.


4. Employer Credit Cafeteria Plans - a program where the employer gives the employee a specified number of credits which the employee can "spend" on different employee benefit plans or contribute to a flexible spending account. Usually, there are sufficient employer credits for an employee to choose a low-cost medical plan and a base amount of life insurance coverage without requiring the employee to contribute his own money. To the extent that the employee chooses a more costly benefit package, he will have to make contributions out of his own money, usually through a pre-tax conversion feature. These plans can be divided into two types:

a. those which allow an employee to elect not to be covered by any medical plan; and

b. those which do not allow an employee "to go naked."

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The TaxMan Cometh ~ Unclaimed Refunds!

For Support in filing past years' returns contact the Tax Man at
510-268-1126 or self-schedule your appointment online at
http://mybookingcalendar.com/b2bs2s



IRS Has $2.2 Billion for People Who Have Not Filed a 2003 Tax Return

RS Has $2.2 Billion for People Who Have Not Filed a 2003 Tax Return


IR-2007-51, March 6, 2007

WASHINGTON — Unclaimed refunds totaling approximately $2.2 billion are awaiting about 1.8 million people who failed to file a federal income tax return for 2003, the Internal Revenue Service announced today. However, in order to collect the money, a return for 2003 must be filed with an IRS office no later than Tuesday, April 17, 2007.

The IRS estimates that half of those who could claim refunds would receive more than $611. In some cases, individuals had taxes withheld from their wages, or made payments against their taxes out of self-employed earnings, but had too little income to require filing a tax return. Some taxpayers may also be eligible for the refundable Earned Income Tax Credit.

“Everybody who needs to should file their tax return. But you simply can’t get the money we owe you unless you file a return,” said IRS Commissioner Mark W. Everson.

In cases where a return was not filed, the law provides most taxpayers with a three-year window of opportunity for claiming a refund. If no return is filed to claim the refund within three years, the money becomes property of the U.S. Treasury. For 2003 returns, the window closes on April 17, 2007.

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Pension Plan Distributions...Not Paying yourself first has its consequences.

Publication 575 (2006), Pension and Annuity Income

Payment to you option. If an eligible rollover distribution is paid to you, 20% generally will be withheld for income tax. However, the full amount is treated as distributed to you even though you actually receive only 80%. You generally must include in income any part (including the part withheld) that you do not roll over within 60 days to another qualified retirement plan or to a traditional IRA.

If you are under age 59½ when a distribution is paid to you, you may have to pay a 10% tax (in addition to the regular income tax) on the taxable part (including any tax withheld) that you do not roll over. See Tax on Early Distributions, later.

Choosing the right option. Table 1 may help you decide which distribution option to choose. Carefully compare the effects of each option.


Tax on Early Distributions

Most distributions (both periodic and nonperiodic) from qualified retirement plans and nonqualified annuity contracts made to you before you reach age 59½ are subject to an additional tax of 10%. This tax applies to the part of the distribution that you must include in gross income. It does not apply to any part of a distribution that is tax free, such as amounts that represent a return of your cost or that were rolled over to another retirement plan. It also does not apply to corrective distributions of excess deferrals, excess contributions, or excess aggregate contributions (discussed earlier under Taxation of Nonperiodic Payments).

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