New Update: Rising Oil Costs are Affecting Retirement Plans. Will you be impacted?
Essential Year-End Tax Strategies for Laboratory Corp. of America Employees
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Oil prices between $50 and $120 per barrel with 80% annualized volatility have created ripple effects throughout the economy over the past six months. Facility energy costs, ambulance fleet fuel, and medical supply chain logistics connect healthcare service providers to sustained oil price movements. Tax planning at Laboratory Corp. of America benefits from understanding how energy-driven market movements create opportunities for timing capital gains, Roth conversions, and strategic loss harvesting. In this environment, a financial advisor can help you assess your exposure to oil-driven economic effects and build appropriately diversified strategies.
Here are some things for Laboratory Corp. of America 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
Laboratory Corp. of America employees must consider opportunities to defer income to next year, particularly if you expect to 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 Laboratory Corp. of America employee, doing so may enable you to postpone payment of tax on the income until next year.
2. Accelerate deductions
Laboratory Corp. of America 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 waiting until after year-end) could make a difference on your current-year return.
3. Make deductible charitable contributions
As a Laboratory Corp. of America 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.)
As a Laboratory Corp. Of America 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 Laboratory Corp. Of America employees to request a Form W-4 change and for their employers from Laboratory Corp. Of America to implement it in time. 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 Laboratory Corp. Of America 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 Laboratory Corp. Of America-sponsored retirement plan such as a 401(k) can reduce your taxable income for the current year. As a fortune 500 employee, if you haven't already contributed up to the maximum amount allowed, consider doing so. For 2026, Laboratory Corp. Of America employees can contribute up to $24,500 to a 401(k) plan ($32,500 if you're age 50 or older) and up to $7,500 to traditional and Roth IRAs combined ($8,500 if you're age 50 or older).* Contributions to employer-sponsored plans generally close at the end of the calendar year, while IRA contributions can typically be made until the tax filing deadline in April of the following year.
*Roth contributions are not deductible, but Roth-qualified distributions are not taxable.
6. Take the required minimum distributions
If you are an employee age 73 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Laboratory Corp. Of America-sponsored retirement plans (special rules apply if you're still working and participating in Laboratory Corp. Of America'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
Laboratory Corp. Of America 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 Laboratory Corp. Of America 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
That same shift from growing assets to drawing them down applies directly to the pension decisions in front of you at Laboratory Corp. of America. Laboratory Corp. of America maintains an active defined benefit pension plan, meaning eligible employees continue to accrue benefits based on years of service and compensation. If you are eligible for a lump sum payout, IRS Section 417(e) segment rates determine how the future annuity stream converts to a present-value payment - rising rates compress the lump sum, so monitoring the plan's stability period and lookback month is critical before you lock in your election date. The choice between a single-life annuity, a joint-and-survivor option, or a lump sum (where available) is generally irrevocable once made, and timing that decision relative to interest rate conditions can meaningfully affect your retirement income picture.
On the healthcare side, Laboratory Corp. of America does not offer continued medical coverage to retirees, which means coverage through the company ends when employment does. Planning for the cost of health insurance during any gap between your retirement date and Medicare eligibility at age 65 is a critical step - marketplace coverage, COBRA continuation, or a spouse's employer plan are common options. Building an accurate estimate of bridge-coverage costs into your retirement income projection prevents underestimating one of the largest variable expenses retirees face. Connecting your specific Laboratory Corp. of America benefits situation to a comprehensive retirement income plan - and understanding how each component interacts - gives you the most complete picture of what retirement will look like.
What is the 401k/Savings Plan offered by Laboratory Corp. of America?
The 401k/Savings Plan at Laboratory Corp. of America is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can employees of Laboratory Corp. of America enroll in the 401k/Savings Plan?
Employees can enroll in the 401k/Savings Plan by completing the enrollment process through the company’s benefits portal during the open enrollment period or when they first become eligible.
What types of contributions can employees make to the Laboratory Corp. of America 401k/Savings Plan?
Employees can make pre-tax contributions, Roth (after-tax) contributions, and potentially catch-up contributions if they are age 50 or older.
Does Laboratory Corp. of America match employee contributions to the 401k/Savings Plan?
Yes, Laboratory Corp. of America offers a matching contribution to employee contributions, which helps to enhance retirement savings.
What is the vesting schedule for the Laboratory Corp. of America 401k/Savings Plan?
The vesting schedule for Laboratory Corp. of America’s matching contributions typically follows a graded vesting schedule, which means employees earn ownership of the match over a period of time.
Are there any investment options available within the Laboratory Corp. of America 401k/Savings Plan?
Yes, the Laboratory Corp. of America 401k/Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.
Can employees of Laboratory Corp. of America take loans from their 401k/Savings Plan?
Yes, employees may be able to take loans from their 401k/Savings Plan, subject to the plan's rules and limits.
What happens to the 401k/Savings Plan if an employee leaves Laboratory Corp. of America?
If an employee leaves Laboratory Corp. of America, they have several options regarding their 401k/Savings Plan, including rolling over the balance to another retirement account, cashing out, or leaving the funds in the plan if allowed.
How can employees of Laboratory Corp. of America access their 401k/Savings Plan account information?
Employees can access their 401k/Savings Plan account information through the company’s benefits portal or by contacting the plan administrator.
Does Laboratory Corp. of America provide financial education regarding the 401k/Savings Plan?
Yes, Laboratory Corp. of America offers resources and financial education programs to help employees understand their 401k/Savings Plan options and make informed decisions.
For more information you can reach the plan administrator for Laboratory Corp. of America at , ; or by calling them at .
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