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

Healthcare Provider Update: Healthcare Provider for Skyworks Solutions Skyworks Solutions employees typically access health insurance through their employer-sponsored plans, which may include various options from carriers such as UnitedHealthcare, Anthem, or Aetna, depending on specific plan offerings and year. Expected Healthcare Cost Increases for Skyworks Solutions in 2026 In 2026, Skyworks Solutions employees utilizing Affordable Care Act (ACA) marketplace plans may face significant healthcare cost increases. Anticipated premium hikes from major insurers could exceed 60% in some states, with the loss of enhanced federal premium subsidies intensifying the financial impact. According to projections, nearly 92% of marketplace enrollees could experience a rise in out-of-pocket premiums by over 75%. This spike is primarily driven by soaring medical costs and regulatory shifts, which makes strategic planning essential for employees navigating their healthcare options. Click here to learn more

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

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

Skyworks Solutions offers a 401(k) retirement savings plan to help employees save for their future.

Is there a company match for contributions made to the Skyworks Solutions 401(k) plan?

Yes, Skyworks Solutions provides a company match for employee contributions to the 401(k) plan, subject to certain limits.

How can employees enroll in the Skyworks Solutions 401(k) plan?

Employees can enroll in the Skyworks Solutions 401(k) plan by completing the enrollment process through the company's designated benefits portal.

What is the eligibility requirement to participate in the Skyworks Solutions 401(k) plan?

Most employees at Skyworks Solutions are eligible to participate in the 401(k) plan after completing a specified period of service.

Can employees make changes to their contributions to the Skyworks Solutions 401(k) plan?

Yes, employees can make changes to their contribution amounts at any time, subject to plan rules.

What investment options are available in the Skyworks Solutions 401(k) plan?

The Skyworks Solutions 401(k) plan offers a variety of investment options, including mutual funds and target-date funds.

Does Skyworks Solutions allow for loans against the 401(k) plan?

Yes, Skyworks Solutions allows employees to take loans against their 401(k) balance, subject to the plan's terms and conditions.

What happens to the 401(k) plan if an employee leaves Skyworks Solutions?

If an employee leaves Skyworks Solutions, they can choose to roll over their 401(k) balance to another retirement account or leave it in the Skyworks plan, depending on the balance and plan rules.

Is there a vesting schedule for the company match in the Skyworks Solutions 401(k) plan?

Yes, Skyworks Solutions has a vesting schedule for the company match, meaning employees must work for a certain period to fully own the matched contributions.

How often can employees change their investment allocations in the Skyworks Solutions 401(k) plan?

Employees can change their investment allocations in the Skyworks Solutions 401(k) plan at any time, typically through the online portal.