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.
Click Here to view the presentation.
Our Apologies : Unexpected Downtime
Over the weekend of January 1, 2010, we experienced issues relating to our
online statement system. These issues would have prevented customers
from accessing their statements via Internet Banking.
First National Bank strives to provide the best in class technology to our customers,
and we regret any inconvenience this issue may have caused.
We appreciated your patience while our staff worked diligently to correct
the issue, which has now been resolved.
Thank you.
Get $75 when you open a new Personal Checking Account!
We invite you to open a new personal checking account with First National Bank and receive a FREE bonus deposit of $75.00! Stop in to any of our six convenient locations throughout Sioux City, Le Mars and Sioux Center and speak with a Personal Banker to sign up for your First National Bank personal checking account. But don't wait, this special offer only lasts until October 16th, 2009. First National Bank...Commitment you can bank on.
To qualify for this free money offer, you must open a new personal checking account with First National Bank. Minimum deposit is required and fees may apply. Offer ends Friday, October 16, 2009. Bonus deposit will be deposited within 90 days of opening your new account, so long as the new account is still active. Checking account annual percentage yield range from 0.00% to 0.60%, effective 9-24-09 and subject to change. Current account holders are disqualified from this promotion. 1099 INT will be issued. One free bonus gift per customer/household.
First National Bank Welcomes New President in Le Mars
First National Bank has recruited Kevin Eekhoff to be the Market President for its Le Mars banking location. Eekhoff brings to First National nearly 30 years of bank management experience, proven expertise in consumer, business and ag lending and strong customer service skills.
"We could not be happier that Kevin Eekhoff has joined our staff," says First National Bank CEO, Roger Claypool. "Our mission is to continuously strive to be more responsive and relevant to our customers' needs. Kevin has successful banking experiences, professional capabilities and personal warmth to be the leader of our team and to serve the community of Le Mars."
"The opportunity I've been looking for is precisely what First National Bank offers," Eekhoff stated. "First National Bank's family-ownership and rock solid capital has created stability in an otherwise turbulent banking market. There is a strong sense at First National Bank that the way we do business truly can make a difference. First National Bank has the "staff" and "strong customer base" to continue to be a successful bank. I am eager to contribute to this exciting bank and Le Mars community."
About First National Bank
First National Bank with locations in Sioux City, Le Mars and Sioux Center was founded over 100 years ago and has been family owned ever since. The bank provides a full range of financial products and services to individuals and businesses with more than 80 employees and is part of a 1.3 billion dollar banking system throughout western Iowa and eastern Nebraska.
Time is running out on the $8000 First Time Home Buyer Tax Credit
Frequently Asked Questions
- Q. Who is eligible to claim the tax credit?
A. First-time home buyers purchasing any kind of home, new or resale, are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.
- Q. What is the definition of a first-time home buyer?
A. The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
- Q. How is the amount of the tax credit determined?
A. The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
- Q. Are there any income limits for claiming the tax credit?
A. Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phase-out range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.
- Q. What is "modified adjusted gross income"?
A. Modified adjusted gross income or MAGI is defined by the IRS. To find it, a taxpayer must first determine "adjusted gross income" or AGI. AGI is total income for a year minus certain deductions (known as "adjustments" or "above-the-line deductions"), but before itemized deductions from Schedule A or personal exemptions are subtracted. On Forms 1040 and 1040A, AGI is the last number on page 1 and first number on page 2 of the form. For Form 1040-EZ, AGI appears on line 4 (as of 2007). Note that AGI includes all forms of income including wages, salaries, interest income, dividends and capital gains.
To determine modified adjusted gross income (MAGI), add to AGI certain amounts such as foreign income, foreign-housing deductions, student-loan deductions, IRA-contribution deductions and deductions for higher-education costs.
- Q. If my modified adjusted gross income (MAGI) is above the limit, do I qualify for any tax credit?
A. Possibly. It depends on your income. Partial credits of less than $8,000 are available for some taxpayers whose MAGI exceeds the phaseout limits.
- Q. Can you give me an example of how the partial tax credit is determined?
A. Just as an example, assume that a married couple has a modified adjusted gross income of $160,000. The applicable phaseout to qualify for the tax credit is $150,000, and the couple is $10,000 over this amount. Dividing $10,000 by the phaseout range of $20,000 yields 0.5. When you subtract 0.5 from 1.0, the result is 0.5. To determine the amount of the partial first-time home buyer tax credit that is available to this couple, multiply $8,000 by 0.5. The result is $4,000.
Here's another example: assume that an individual home buyer has a modified adjusted gross income of $88,000. The buyer's income exceeds $75,000 by $13,000. Dividing $13,000 by the phaseout range of $20,000 yields 0.65. When you subtract 0.65 from 1.0, the result is 0.35. Multiplying $8,000 by 0.35 shows that the buyer is eligible for a partial tax credit of $2,800.
Please remember that these examples are intended to provide a general idea of how the tax credit might be applied in different circumstances. You should always consult your tax advisor for information relating to your specific circumstances.
- Q. How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
A. The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
- Q. How do I claim the tax credit? Do I need to complete a form or application?
A. Participating in the tax credit program is easy. You claim the tax credit on your federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return. No other applications or forms are required, and no pre-approval is necessary. However, you will want to be sure that you qualify for the credit under the income limits and first-time home buyer tests. Note that you cannot claim the credit on Form 5405 for an intended purchase for some future date; it must be a completed purchase.
- Q. What types of homes will qualify for the tax credit?
A. Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
- Q. I read that the tax credit is "refundable." What does that mean?
A. The fact that the credit is refundable means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. Typically this involves the government sending the taxpayer a check for a portion or even all of the amount of the refundable tax credit.
For example, if a qualified home buyer expected, notwithstanding the tax credit, federal income tax liability of $5,000 and had tax withholding of $4,000 for the year, then without the tax credit the taxpayer would owe the IRS $1,000 on April 15th. Suppose now that the taxpayer qualified for the $8,000 home buyer tax credit. As a result, the taxpayer would receive a check for $7,000 ($8,000 minus the $1,000 owed).
- Q. I purchased a home in early 2009 and have already filed to receive the $7,500 tax credit on my 2008 tax returns. How can I claim the new $8,000 tax credit instead?
A. Home buyers in this situation may file an amended 2008 tax return with a 1040X form. You should consult with a tax advisor to ensure you file this return properly.
- Q. Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit?
A. Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009.
In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date.
- Q. Can I claim the tax credit if I finance the purchase of my home under a mortgage revenue bond (MRB) program?
A. Yes. The tax credit can be combined with the MRB home buyer program. Note that first-time home buyers who purchased a home in 2008 may not claim the tax credit if they are participating in an MRB program.
- Q. I am not a U.S. citizen. Can I claim the tax credit?
A. Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of "nonresident alien" in IRS Publication 519.
- Q. Is a tax credit the same as a tax deduction?
A. No. A tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
A tax deduction is subtracted from the amount of income that is taxed. Using the same example, assume the taxpayer is in the 15 percent tax bracket and owes $8,000 in income taxes. If the taxpayer receives an $8,000 deduction, the taxpayer's tax liability would be reduced by $1,200 (15 percent of $8,000), or lowered from $8,000 to $6,800.
- Q. I bought a home in 2008. Do I qualify for this credit?
A. No, but if you purchased your first home between April 9, 2008 and January 1, 2009, you may qualify for a different tax credit.
- Q. Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
A. Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.
Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.
- Q. If I'm qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
A. Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.
- Q. For a home purchase in 2009, can I choose whether to treat the purchase as occurring in 2008 or 2009, depending on in which year my credit amount is the largest?
A. Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in 2009 and a larger credit would be available using the 2008 MAGI amounts, then you can choose the year that yields the largest credit amount.
*Contact your tax advisor to evaluate how the tax credit may affect you.
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IMPORTANT NOTICE : WEB SITE DOWNTIME 9/1/2009
Please note that e-Corp Business Banking will be unavailable
Tuesday, September 1, 2009 beginning at 5:30pm CST.
Thank you for your patience while we upgrade our internet services.
Northwest Financial Corp. announces Jeff Plagge has accepted the position of President
August 3, 2009 - Dwight Conover, Chief Executive Officer of Northwest Financial Corp., announced today that Jeff Plagge has accepted the position of President of Northwest Financial Corp.
Northwest Financial Corp. is a $1.25 billion financial services holding company. Northwest Financial is among the largest bank holding companies based in Iowa. It conducts banking operations in 28 locations in Iowa and Nebraska.
"This addition will help us continue to build on the bank's strengths and successes", Dwight Conover said. "We are committed to continuously improving our retail and business banking customer service which has been the source of our growth - speed of delivery, value and quality." "We have a first-rate organization and are fortunate to have the right people in the right positions." Conover continued.
Mr. Plagge commented, "I'm excited to join the Northwest Financial Corp. family. Neal and Dwight Conover are truly an Iowa business and banking success story. They have built this $1.25 billion dollar community banking operation from the ground up. At a time when many banks are struggling, NFC is profitable and well capitalized. They substantially grew the company during some difficult times and are in a great position to continue to grow the organization going forward. I know there is much we can do together."
"I am very proud of the leading role we have played in our banking communities by providing first class products and service to our customers," Neal Conover said. "I could not be more excited about the future and the leadership that Jeff Plagge will provide."
Plagge comes to us from Midwest Heritage Bank as Chairman, CEO, and President. Prior to Heritage Bank, Jeff was president & CEO of First National Bank of Waverly, president of First of Waverly Corporation & CEO of First Insurance Services. He has also held bank positions in Webster City and Council Bluffs. Jeff's state and national organization memberships; include the; board chair of Delta Dental of Iowa Board of Directors; board of directors of the American Red Cross of Central Iowa and member of American Bankers Association Government Relations Council. Most recently, Jeff was a member of board of directors of the Federal Reserve Bank of Chicago, the board of trustees of Waverly Light and Power, Waverly Library Foundation, and chair of the Iowa Bankers Association.
Mr. Plagge is a graduate of Iowa State University and has a degree in Agriculture Business, and attended graduate school at School of Banking in Colorado.
Mr. Plagge and his wife Sandy, have three adult children, Tom (wife Heather), Adam, and Brian. They will be establishing a residence in the Okoboji area and look forward to getting involved in the local communities.
First National Bank Announces Debit Card Promotion for Summer
Cook up convenience with your debit card this summer! Using your debit card to make purchases is the fastest, safest, and most convenient way to pay. For every purchase you make with your First National Bank debit card between July 1 and September 30, 2009, you will automatically be entered for a chance to win great prizes! The more you use your card, the better your chance of winning.
- Grand Prize: Gas grill and $150 worth of Omaha Steaks (total value $500)
- 1st Place Prize: Rolling cooler, insulated tumbler set, and $50 Dairy Queen Gift Card (total value $300)
- Six Monthly Prizes: Picnic Basket (total value $50)
If you don't have a debit card, see a First National Bank Personal Banker to apply for one today.
Visit www.shazam.net/rules_grillnandchilln.html for official rules and complete contest details.
IMPORTANT NOTICE : WEB SITE DOWNTIME 7/12/2009
Please note that all First National Bank internet services will be unavailable
Sunday, July 12, 2009 from 4:00pm to approximately 7:00pm CST.
This down time will include Internet Banking, Mobile Banking, eCorp and Telebanc.
Thank you for your patience while we upgrade our internet services.
IMPORTANT NOTICE : WEB SITE DOWNTIME 4/5/2009
Please note that all First National Bank internet services will be unavailable
Sunday, April 5, 2009 from 5:00pm to approximately 6:00pm CST.
This down time will include Internet Banking, eCorp and Telebanc.
Thank you for your patience while we upgrade our internet services.
IMPORTANT NOTICE : WEB SITE DOWNTIME 2/22/2009
In an effort to improve our internet connection speed, please note that all First National Bank internet services
will be unavailable Sunday, February 22, 2009 beginning at approximately 5:00am.
We anticipate internet services becoming available at approximately 3:00pm.
This down time will affect Internet Banking, eCorp and http://www.firstnationalbankiowa.com/.
First National Bank is committed to providing you superior customer service and innovative products.
Thank you for your patience while we upgrade our internet services.
IMPORTANT NOTICE : WEB SITE DOWNTIME 2/10/2009
In an effort to improve our internet connection speed, please note that all First National Bank internet services
will be unavailable Sunday, February 22, 2009 beginning at approximately 5:00am.
We anticipate internet services becoming available at approximately 3:00pm.
This down time will affect Internet Banking, eCorp and http://www.firstnationalbankiowa.com/.
First National Bank is committed to providing you superior customer service and innovative products.
Thank you for your patience while we upgrade our internet services.
First National Bank Names Roger E. Claypool as President and CEO
Roger Claypool has been named President and CEO for First National Bank with locations throughout Sioux City, Le Mars, and Sioux Center. In his new role, Claypool will direct all aspects of the bank's activities to ensure the best interests of its customers, employees and communities. With over 30 years of banking experience, Roger has exceptional skills in financial analysis, portfolio management, and business development, along with a strong personal commitment to providing customers with a more efficient and enjoyable banking experience. His office will be located in downtown Le Mars at the main bank location, 111 Central Avenue NW.
"Roger will be a valuable asset to our team," said Dwight Conover, Chairman of the Board of First National Bank. "Roger's experiences as a long time community banker and his commitment to the Iowa banking industry have him well qualified to lead First National Bank. He understands our commitment to our customers."
"I am looking forward to leading First National Bank," said Claypool. "First National Bank demonstrates an unparalleled commitment to our customers, our employees, and our communities. It's that commitment that sets us apart."
A graduate of Iowa State University, Claypool earned a Bachelor of Science degree in Business Management. He also graduated from the Iowa State Agricultural Credit School, and the University of Colorado's Graduate School of Banking. Claypool came to First National Bank from Shelby County State Bank in Harlan, Iowa where he held the position of President, Chairman and CEO since 1996.
Claypool is the chair-elect of Iowa Bankers Association, Trustee of Iowa Bankers Benefit Plan, Director at Crawford County Trust & Savings Bank, Director at Shelby County Medical Corporation, and Director and Treasurer at Shelby County Health Foundation. He has also served as Past Chair of Iowa Bankers Insurance and Services, Past Director of Iowa Independent Bankers, Past Director of Community Bankers Council, American Bankers Association, and Past President at Harlan Golf and Country Club.
For more than 100 years, First National Bank has been providing customers with a diversified line of financial services, including business and personal banking. Operating as a full service community bank, First National Bank is part of a 1.3 billion dollar banking system throughout western Iowa and eastern Nebraska.
IMPORTANT NOTICE : WEB SITE DOWNTIME 10/9/08
Please note that all First National Bank internet services will be unavailable Thursday, October 9, 2008 from 6:00 am to approximately 8:00 am.
This down time will include Internet Banking, eCorp and http://www.firstnationalbankiowa.com/.
Thank you for your patience while we upgrade our internet services.
