# Good Code:
for item_obj in todo_list.item_set.all():
    todo_dict['importance_%d_%s' % (item_obj.importance, 'complete' if item_obj.completed else 'incomplete')] += 1


# My original code was a collection of ifs:

       for item_obj in todo_list.item_set.all():
            if item_obj.importance == 1:
                if item_obj.completed == True:
                    todo_dict['importance_1_complete'] += 1
                else
                    todo_dict['importance_1_incomplete'] += 1
            if item_obj.importance == 2:
                if item_obj.completed == True:
                    todo_dict['importance_2_complete'] += 1
                else
                    todo_dict['importance_2_incomplete'] += 1
            if item_obj.importance == 3:
                if item_obj.completed == True:
                    todo_dict['importance_3_complete'] += 1
                else
                    todo_dict['importance_3_incomplete'] += 1
            if item_obj.importance == 4:
                if item_obj.completed == True:
                    todo_dict['importance_4_complete'] += 1
                else
                    todo_dict['importance_4_incomplete'] += 1
            if item_obj.importance == 5:
                if item_obj.completed == True:
                    todo_dict['importance_5_complete'] += 1
                else
                    todo_dict['importance_5_incomplete'] += 1