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

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

Healthcare Provider Update: Healthcare Provider for iHeartMedia iHeartMedia offers its employees healthcare coverage through various plans under the Affordable Care Act (ACA) marketplace. Specific insurance providers for iHeartMedia employees can include major insurers such as UnitedHealthcare, Anthem, Cigna, and Molina Healthcare, depending on the enrolled plans available in their respective states. Potential Healthcare Cost Increases in 2026 As 2026 approaches, iHeartMedia employees face a potential surge in healthcare costs, driven by significant increases in ACA marketplace premiums. With some states experiencing hikes exceeding 60%, the expiration of enhanced federal subsidies will add further financial strain, potentially raising out-of-pocket premium expenses by over 75% for many enrollees. Contributing factors include rising medical costs, higher prescription drug prices, and an overall increase in healthcare utilization, making 2026 especially challenging for those relying on ACA plans. Click here to learn more

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

2. Accelerate deductions
iHeartMedia 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 iHeartMedia 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 iHeartMedia 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 iHeartMedia employees to request a Form W-4 change and for their employers from iHeartMedia 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 iHeartMedia 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 iHeartMedia-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, iHeartMedia 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 iHeartMedia-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 iHeartMedia employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and iHeartMedia-sponsored retirement plans (special rules apply if you're still working and participating in iHeartMedia'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
iHeartMedia 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 iHeartMedia 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 iHeartMedia offer to its employees?

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

Does iHeartMedia provide any matching contributions to the 401(k) plan?

Yes, iHeartMedia offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

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

Employees at iHeartMedia are eligible to participate in the 401(k) plan after completing a specified period of service, typically within the first year of employment.

Can employees of iHeartMedia choose how much to contribute to their 401(k) plan?

Yes, employees can choose to contribute a percentage of their salary to the iHeartMedia 401(k) plan, within the limits set by the IRS.

Are there any fees associated with iHeartMedia's 401(k) plan?

Yes, like most 401(k) plans, iHeartMedia's plan may have administrative fees and investment fees, which are disclosed in the plan documents.

What investment options are available in iHeartMedia's 401(k) plan?

iHeartMedia offers a range of investment options in its 401(k) plan, including mutual funds, target-date funds, and other investment vehicles.

How often can employees change their contribution amounts to the iHeartMedia 401(k) plan?

Employees can typically change their contribution amounts to the iHeartMedia 401(k) plan on a quarterly basis or as specified in the plan documents.

Does iHeartMedia allow for loans against the 401(k) plan?

Yes, iHeartMedia's 401(k) plan may allow employees to take loans against their account balance, subject to certain terms and conditions.

What happens to my 401(k) account if I leave iHeartMedia?

If you leave iHeartMedia, you can choose to roll over your 401(k) account to another retirement plan, cash it out, or leave it in the iHeartMedia plan if allowed.

Is there a vesting schedule for the employer match in iHeartMedia's 401(k) plan?

Yes, iHeartMedia has a vesting schedule for employer matching contributions, which determines how much of the match you own based on your years of service.

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

Employee Pension Plan Plan Name: iHeartMedia does not have a traditional pension plan. The company primarily offers a 401(k) plan for retirement savings. Years of Service and Age Qualification: iHeartMedia does not offer a defined benefit pension plan, so there are no specific years of service or age qualification criteria for such a plan. Plan Name: iHeartMedia 401(k) Plan Eligibility: Employees are eligible to participate in the iHeartMedia 401(k) Plan. Typically, eligibility begins after 30 days of employment, although this can vary based on the employee's role and employment status. 401(k) Plan Features: The plan offers a range of investment options, and iHeartMedia provides a company match, which may vary based on the employee's contribution level and tenure.

Restructuring and Layoffs: In early 2024, iHeartMedia announced a significant restructuring plan aimed at reducing operational costs and streamlining its business. This decision comes as part of a broader effort to adapt to the rapidly changing media landscape and fluctuating ad revenues. The company is expected to cut approximately 10% of its workforce, which could impact several departments across the organization. This restructuring is critical to follow due to its potential implications on job security, industry dynamics, and market competitiveness. Company Benefits, Pension, and 401k Changes: iHeartMedia has also made changes to its employee benefits and retirement plans. The company has adjusted its 401k matching contributions and modified its pension plan to better align with its financial strategies. These changes could affect employees' long-term financial planning and retirement readiness. Understanding these adjustments is essential in the current economic environment, where investment strategies and tax implications play a crucial role in personal financial security.

In 2022, iHeartMedia provided stock options (SO) and Restricted Stock Units (RSUs) to senior executives and key employees. The RSU grants had performance-based vesting conditions.

Benefits Overview: iHeartMedia provides a range of health benefits, including medical, dental, and vision insurance. They offer a Health Savings Account (HSA) and Flexible Spending Account (FSA) options. Coverage includes preventive care, mental health support, and employee assistance programs.