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

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

Healthcare Provider Update: Healthcare Provider for Ryder System Ryder System primarily partners with major health insurers to provide healthcare benefits to its employees. The specific providers and networks may vary by location and employee plan selection, but generally, companies like UnitedHealthcare, Anthem, and others are typically involved in providing health coverage options for employees. Potential Healthcare Cost Increases in 2026 for Ryder System Employees As healthcare costs escalate in 2026, employees of Ryder System may face increased out-of-pocket expenses due to anticipated changes in their benefit plans. A perfect storm of factors, including a loss of enhanced ACA subsidies, rising medical costs, and significant premium hikes-some states reporting increases over 60%-is likely to push employer-sponsored plan costs higher. With over half of large employers considering adjustments to cost-sharing measures, Ryder System employees are advised to stay informed about benefit changes and actively manage their healthcare plan selections to navigate these financial challenges effectively. Click here to learn more

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

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

Ryder System offers a 401(k) retirement savings plan to its employees.

How can employees at Ryder System enroll in the 401(k) plan?

Employees at Ryder System can enroll in the 401(k) plan through the company's benefits portal or by contacting the HR department for assistance.

Does Ryder System match employee contributions to the 401(k) plan?

Yes, Ryder System offers a matching contribution to employees who participate in the 401(k) plan, subject to certain limits.

What is the maximum contribution limit for the Ryder System 401(k) plan?

The maximum contribution limit for the Ryder System 401(k) plan follows the IRS guidelines, which may change annually.

Can employees at Ryder System take loans against their 401(k) savings?

Yes, Ryder System allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What investment options are available in the Ryder System 401(k) plan?

The Ryder System 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a vesting schedule for Ryder System's 401(k) matching contributions?

Yes, Ryder System has a vesting schedule for matching contributions, which means employees must work for a certain period to fully own the matched funds.

When can employees at Ryder System start withdrawing from their 401(k) plan?

Employees at Ryder System can start withdrawing from their 401(k) plan at age 59½, or under certain circumstances such as financial hardship.

Does Ryder System provide educational resources for employees regarding their 401(k) plan?

Yes, Ryder System provides educational resources and tools to help employees understand and manage their 401(k) plan effectively.

What happens to the 401(k) plan if an employee leaves Ryder System?

If an employee leaves Ryder System, they can choose to roll over their 401(k) balance to another retirement account, cash out, or leave it in the Ryder System plan if allowed.