New Update: Rising Oil Costs are Affecting Retirement Plans. Will you be impacted?
Essential Year-End Tax Strategies for Oshkosh Employees
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The sustained volatility in crude oil markets, with prices ranging from $50 to $120 and annualized swings near 80%, creates economic effects that extend far beyond energy companies. Diesel fuel for heavy equipment fleets, steel and component transport costs, and energy-intensive fabrication processes create substantial direct oil price exposure for heavy machinery and equipment manufacturers. For Oshkosh employees making tax planning decisions, oil-driven market volatility can create both challenges and opportunities around income recognition timing, gain harvesting, and strategic loss realization. Consulting with a financial advisor can help you understand how energy conditions affect your specific situation and build a plan that adapts accordingly.
Here are some things for Oshkosh 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
Oshkosh 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 Oshkosh employee, doing so may enable you to postpone payment of tax on the income until next year.
2. Accelerate deductions
Oshkosh 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 Oshkosh 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 Oshkosh 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 Oshkosh employees to request a Form W-4 change and for their employers from Oshkosh 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 Oshkosh 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 Oshkosh-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, Oshkosh 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 Oshkosh-sponsored retirement plans (special rules apply if you're still working and participating in Oshkosh'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
Oshkosh 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 Oshkosh 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 Oshkosh. Oshkosh 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, Oshkosh 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 Oshkosh 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 Oshkosh 401(k) Savings Plan?
The Oshkosh 401(k) Savings 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 or post-tax (Roth) basis.
How can I enroll in the Oshkosh 401(k) Savings Plan?
Employees can enroll in the Oshkosh 401(k) Savings Plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.
Does Oshkosh offer a company match for the 401(k) contributions?
Yes, Oshkosh offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.
What is the maximum contribution limit for the Oshkosh 401(k) Savings Plan?
The maximum contribution limit for the Oshkosh 401(k) Savings Plan is determined by the IRS and may change annually. Employees should check the latest guidelines for the current limit.
Can I change my contribution amount in the Oshkosh 401(k) Savings Plan?
Yes, employees can change their contribution amount at any time by accessing their account through the benefits portal or by contacting HR.
What investment options are available in the Oshkosh 401(k) Savings Plan?
The Oshkosh 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to help employees diversify their portfolios.
When can I start withdrawing from my Oshkosh 401(k) Savings Plan?
Employees can typically start withdrawing from their Oshkosh 401(k) Savings Plan at age 59½, but there are specific rules and options for hardship withdrawals or loans.
Is there a vesting schedule for the Oshkosh 401(k) company match?
Yes, the Oshkosh 401(k) Savings Plan has a vesting schedule for the company match, which means that employees must work for the company for a certain period before they fully own the matched funds.
How often can I review my Oshkosh 401(k) account performance?
Employees can review their Oshkosh 401(k) account performance at any time by logging into their account through the benefits portal.
What happens to my Oshkosh 401(k) Savings Plan if I leave the company?
If you leave Oshkosh, you have several options for your 401(k) Savings Plan, including rolling it over to another retirement account, cashing it out, or leaving it in the plan if allowed.
For more information you can reach the plan administrator for Oshkosh at , ; or by calling them at .
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