New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

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

Healthcare Provider Update: Healthcare Provider for Commercial Metals Commercial Metals (CMC) primarily uses UnitedHealthcare as its healthcare provider. This partnership ensures that CMC employees have access to a comprehensive range of healthcare services tailored to meet their needs. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are expected to rise sharply, particularly for employees of Commercial Metals who rely on Affordable Care Act (ACA) marketplace plans. Premiums are projected to increase significantly, with some states seeing hikes exceeding 60%, driven largely by the expiration of enhanced federal premium subsidies and escalating medical costs. As reported, 92% of marketplace enrollees may face out-of-pocket premium increases of over 75%. This looming financial pressure emphasizes the importance for employees to evaluate their health coverage options early in order to mitigate the impact of these steep cost increases. Click here to learn more

Here are some things for Commercial Metals 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
Commercial Metals 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 Commercial Metals employee, doing so may enable you to postpone payment of tax on the income until next year.

2. Accelerate deductions
Commercial Metals 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 Commercial Metals 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.)

Featured Video

Articles you may find interesting:

4. Bump up withholding to cover a tax shortfall
As a Commercial Metals 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 Commercial Metals employees to request a Form W-4 change and for their employers from Commercial Metals 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 Commercial Metals 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 Commercial Metals-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, Commercial Metals 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 Commercial Metals-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 Commercial Metals employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Commercial Metals-sponsored retirement plans (special rules apply if you're still working and participating in Commercial Metals'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
Commercial Metals 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 Commercial Metals 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 type of retirement savings plan does Commercial Metals offer to its employees?

Commercial Metals offers a 401(k) savings plan to help employees save for their retirement.

Does Commercial Metals match employee contributions to the 401(k) plan?

Yes, Commercial Metals provides a company match for employee contributions to the 401(k) plan, enhancing overall savings.

What is the eligibility requirement for employees to participate in Commercial Metals' 401(k) plan?

Employees are eligible to participate in Commercial Metals' 401(k) plan after completing a specified period of service, typically outlined in the plan documents.

How can employees at Commercial Metals enroll in the 401(k) savings plan?

Employees can enroll in the Commercial Metals 401(k) savings plan by completing the enrollment process through the company's benefits portal.

What investment options are available in Commercial Metals' 401(k) plan?

Commercial Metals offers a variety of investment options within its 401(k) plan, including mutual funds, target-date funds, and company stock.

Can employees at Commercial Metals change their contribution rates to the 401(k) plan?

Yes, employees at Commercial Metals can change their contribution rates to the 401(k) plan at any time, subject to plan rules.

What is the maximum contribution limit for the 401(k) plan at Commercial Metals?

The maximum contribution limit for the 401(k) plan at Commercial Metals aligns with the IRS limits for the year, which may change annually.

Does Commercial Metals offer a loan option against the 401(k) savings plan?

Yes, Commercial Metals allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

How often can employees at Commercial Metals review their 401(k) account statements?

Employees at Commercial Metals can review their 401(k) account statements quarterly, with access to online account management tools.

What happens to the 401(k) savings if an employee leaves Commercial Metals?

If an employee leaves Commercial Metals, they have several options for their 401(k) savings, including rolling it over to another retirement account or cashing it out.

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

In 2024, Commercial Metals announced significant restructuring, including layoffs across several departments and changes to employee benefits. The company is also revising its pension plan and 401(k) contributions to reduce costs.

Additional Articles

Check Out Articles for Commercial Metals employees

For more information you can reach the plan administrator for Commercial Metals at 6565 N. MacArthur Blvd. Irving, TX 75039; or by calling them at (214) 689-4300.