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Essential Year-End Tax Strategies for Atkore Employees: What You Need to Know Before 2023

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Here are some things for Atkore employees and retirees to consider as they weigh potential tax moves between now and the end of the year.

1. Defer income to next year
Atkore employees must consider opportunities to defer income to 2023, particularly if you think you may be in a lower tax bracket then. For example, you may be able to defer a year-end bonus or delay the collection of business debts, rent, and payments for services. As a Atkore employee, doing so may enable you to postpone payment of tax on the income until next year.

2. Accelerate deductions
Atkore employees and retirees should also look for opportunities to accelerate deductions into the current tax year. If you itemize deductions, making payments for deductible expenses such as medical expenses, qualifying interest, and state taxes before the end of the year (instead of paying them in early 2023) could make a difference on your 2022 return.

3. Make deductible charitable contributions
As a Atkore employee, if you itemize deductions on your federal income tax return, you can generally deduct charitable contributions, but the deduction is limited to 50% (currently increased to 60% for cash contributions to public charities), 30%, or 20% of your adjusted gross income (AGI), depending on the type of property you give and the type of organization to which you contribute. (Excess amounts can be carried over for up to five years.)

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4. Bump up withholding to cover a tax shortfall
As a Atkore employee, if it looks as though you will owe federal income tax for the year, consider increasing your withholding on Form W-4 for the remainder of the year to cover the shortfall. Time may be limited for Atkore employees to request a Form W-4 change and for their employers from Atkore to implement it in time for 2022. The biggest advantage in doing so is that withholding is considered as having been paid evenly throughout the year instead of when the dollars are actually taken from your paycheck. This strategy can be implemented by Atkore employees to make up for low or missing quarterly estimated tax payments.

5. Save more for retirement
Deductible contributions to a traditional IRA and pre-tax contributions to a Atkore-sponsored retirement plan such as a 401(k) can reduce your 2022 taxable income. As a fortune 500 employee, if you haven't already contributed up to the maximum amount allowed, consider doing so. For 2022, Atkore employees can contribute up to $20,500 to a 401(k) plan ($27,000 if you're age 50 or older) and up to $6,000 to traditional and Roth IRAs combined ($7,000 if you're age 50 or older).* The window to make 2022 contributions to a Atkore-sponsored plan generally closes at the end of the year, while you have until April 18, 2023, to make 2022 IRA contributions.

*Roth contributions are not deductible, but Roth-qualified distributions are not taxable.

6. Take the required minimum distributions
If you are a Atkore employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Atkore-sponsored retirement plans (special rules apply if you're still working and participating in Atkore's retirement plan). You have to make the withdrawals by the date required — the end of the year for most individuals. The penalty for failing to do so is substantial: 50% of the amount that wasn't distributed on time. As a fortune 500 employee, making these distributions in a timely manner is essential as to avoid the late penalty.

7. Weigh year-end investment moves
Atkore employees and retirees shouldn't let tax considerations drive investment decisions. However, it's worth considering the tax implications of any year-end investment moves that you make. For example, if you have realized net capital gains from selling securities at a profit, you might avoid being taxed on some or all of those gains by selling losing positions. As a Atkore employee, any losses over and above the number of your gains can be used to offset up to $3,000 of ordinary income ($1,500 if your filing status is married filing separately) or carried forward to reduce your taxes in future years.

Tags: Financial Planning , Tax , Retirement , 2022

What is the Atkore 401(k) plan?

The Atkore 401(k) plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax basis.

How can Atkore employees enroll in the 401(k) plan?

Atkore employees can enroll in the 401(k) plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does Atkore offer a company match for 401(k) contributions?

Yes, Atkore offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for Atkore’s 401(k) plan?

The maximum contribution limit for Atkore’s 401(k) plan is determined by the IRS guidelines, which are updated annually. Employees should check the latest limits for the current year.

Can Atkore employees change their contribution percentage to the 401(k) plan?

Yes, Atkore employees can change their contribution percentage at any time by accessing their account through the benefits portal.

What investment options are available in the Atkore 401(k) plan?

The Atkore 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

When can Atkore employees start withdrawing from their 401(k) plan?

Atkore employees can start withdrawing from their 401(k) plan without penalty after reaching the age of 59½, or under certain circumstances such as financial hardship.

Does Atkore allow loans against the 401(k) plan?

Yes, Atkore allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan documents.

Are there any fees associated with the Atkore 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with the Atkore 401(k) plan. Employees should review the plan documents for detailed information.

How often can Atkore employees change their investment options within the 401(k) plan?

Atkore employees can change their investment options within the 401(k) plan at any time, allowing for flexibility in managing their retirement savings.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Atkore announced a restructuring plan aimed at streamlining operations and reducing costs, which includes layoffs across several divisions. The company has also indicated changes to its benefits program to align with its new operational focus. These changes come as part of a broader strategy to enhance financial stability and efficiency.

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For more information you can reach the plan administrator for Atkore at 16100 South Lathrop Avenue Harvey, IL 60426; or by calling them at +1 708-339-1610.