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

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

Healthcare Provider Update: For Owens Corning, the healthcare provider managing employee benefits is largely influenced by market dynamics and company-specific strategies. As reported, Owens Corning employees may face significant healthcare cost increases in 2026 due to a combination of factors. The anticipated sharp rise in Affordable Care Act (ACA) premiums-potentially exceeding 60% in some states-will likely lead the company to adjust its benefit structures, including higher deductibles and out-of-pocket maximums. With many large firms adopting similar approaches to manage rising healthcare expenses, Owens Corning employees should be proactive in understanding upcoming benefit changes and optimizing their plan selections to mitigate the impact of rising costs. Overall, 2026 could see employees bearing a larger share of healthcare expenses, reflecting broader trends in the insurance marketplace. Click here to learn more

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

2. Accelerate deductions
Owens Corning 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 Owens Corning 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 Owens Corning 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 Owens Corning employees to request a Form W-4 change and for their employers from Owens Corning 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 Owens Corning 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 Owens Corning-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, Owens Corning 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 Owens Corning-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 Owens Corning employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and Owens Corning-sponsored retirement plans (special rules apply if you're still working and participating in Owens Corning'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
Owens Corning 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 Owens Corning 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 Owens Corning 401(k) Savings Plan?

The Owens Corning 401(k) Savings Plan is a retirement savings plan that allows employees to save for retirement through pre-tax and/or after-tax contributions.

How can I enroll in the Owens Corning 401(k) Savings Plan?

Employees can enroll in the Owens Corning 401(k) Savings Plan by accessing the enrollment portal through the company’s HR website or by contacting the HR department for assistance.

What are the contribution limits for the Owens Corning 401(k) Savings Plan?

The contribution limits for the Owens Corning 401(k) Savings Plan are set by the IRS and may change annually. Employees should check the latest IRS guidelines or consult the Owens Corning benefits team for current limits.

Does Owens Corning offer a company match for the 401(k) Savings Plan?

Yes, Owens Corning offers a company match for employee contributions to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

When can I start contributing to the Owens Corning 401(k) Savings Plan?

Employees can start contributing to the Owens Corning 401(k) Savings Plan as soon as they are eligible, typically after completing a specified period of employment.

How often can I change my contributions to the Owens Corning 401(k) Savings Plan?

Employees can change their contribution amounts to the Owens Corning 401(k) Savings Plan at any time, subject to the plan's guidelines.

What investment options are available in the Owens Corning 401(k) Savings Plan?

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

Can I take a loan from my Owens Corning 401(k) Savings Plan?

Yes, Owens Corning allows employees to take loans from their 401(k) Savings Plan, subject to specific terms and conditions outlined in the plan documents.

What happens to my Owens Corning 401(k) Savings Plan if I leave the company?

If you leave Owens Corning, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or a new employer's plan, cashing it out, or leaving it in the Owens Corning plan if eligible.

Is there a vesting schedule for the Owens Corning 401(k) Savings Plan?

Yes, Owens Corning has a vesting schedule for company match contributions, meaning employees must work for a certain period to fully own those contributions.