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Here's my non-lawyer qualifier. I am not a legal or tax adviser. This is just my take on an incredible opportunity. If you're eligible, please consider this.

This is something to think about. First, the bad news, if you're married and have adjusted gross income (AGI) over $50,000 or you're single with AGI over $25,000 this doesn't apply to you. Now the good news, if you make less than those amounts, or know someone who does, here is an opportunity to save a little money on taxes while you save for the future. More rules; you have to be over 18 and you can't be a full-time student or someone else's dependent. Here's the cool thing. AGI is determined after contributions to qualified retirement plans and flexible spending accounts are made. If someone made over the limit they might be able to drop their salary below the limit and get the credit. The credit reduces what you owe to the government dollar for dollar. It's a huge benefit. Let's talk numbers. If someone was single and earned $20,000 they would fall in the category of getting a 10% credit. If they contributed $2,000 into a retirement plan they would get a $200 credit. Here's the coolest thing. If someone was single and earned $26,000 they would fall into the category of big loser. However, if they contributed $2,000 into their 401k plan at work their AGI drops to $24,000 and all of a sudden they are eligible for that $200 credit. The money can go in a 401k (which might be matched), IRA (including Roth), a 403b or a 457 plan. This is a limited time offer and valid only from 1/1/02 to 12/31/06.
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