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

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

Healthcare Provider Update: Healthcare Provider for RPM International RPM International, a company specializing in industrial coatings and sealants, typically offers healthcare plans through major insurers. Employees of RPM International can expect to receive health benefits from providers such as UnitedHealthcare, Aetna, or Cigna, depending on the specific plan choices made available by the company. Healthcare Cost Increases in 2026 As we approach 2026, RPM International employees should brace for a significant rise in healthcare costs. Premiums for Affordable Care Act (ACA) marketplace plans are anticipated to increase sharply, with some states reporting hikes exceeding 60%. A decrease in federal premium subsidies and the continuous rise in medical care costs-including skyrocketing medication prices-are substantial contributing factors. Employees are advised to evaluate employer-sponsored plans alongside marketplace options early to mitigate financial impacts, as many may face increased out-of-pocket expenses that could affect their budget significantly. Click here to learn more

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

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

RPM International offers a 401(k) retirement savings plan to its employees.

Does RPM International provide a company match for employee contributions to the 401(k) plan?

Yes, RPM International provides a company match for employee contributions to the 401(k) plan, helping employees maximize their retirement savings.

What is the eligibility requirement for RPM International employees to participate in the 401(k) plan?

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

Can RPM International employees choose how their 401(k) contributions are invested?

Yes, RPM International employees can choose from a variety of investment options for their 401(k) contributions, including mutual funds and other investment vehicles.

How often can RPM International employees change their 401(k) investment elections?

RPM International employees can change their 401(k) investment elections at any time, allowing them to adjust their investment strategy as needed.

What is the maximum contribution limit for RPM International employees participating in the 401(k) plan?

The maximum contribution limit for RPM International employees is subject to IRS guidelines, which can change annually. Employees should check the current limits for accurate information.

Does RPM International offer a Roth 401(k) option for its employees?

Yes, RPM International offers a Roth 401(k) option, allowing employees to make after-tax contributions to their retirement savings.

What happens to RPM International employees' 401(k) accounts if they leave the company?

If RPM International employees leave the company, they have several options for their 401(k) accounts, including rolling over the balance to another retirement account or leaving it in the RPM International plan.

Is there a vesting schedule for the company match in RPM International's 401(k) plan?

Yes, RPM International has a vesting schedule for the company match, which means employees must work for a certain period to fully own the matched contributions.

Can RPM International employees take loans against their 401(k) accounts?

Yes, RPM International allows employees to take loans against their 401(k) accounts, subject to specific terms and conditions outlined in the plan.