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

Healthcare Provider Update: Healthcare Provider for SpartanNash SpartanNash partners with major healthcare providers and insurers for employee health benefits, typically working with Blue Cross Blue Shield and other prominent companies to deliver comprehensive healthcare options to its workforce. Potential Healthcare Cost Increases in 2026 As projections for 2026 emerge, SpartanNash employees may face significant healthcare cost hikes amid a challenging landscape. With anticipated increases in Affordable Care Act (ACA) premiums ranging from 18% to over 60% in various states, workers could see their out-of-pocket expenses soar dramatically. The potential expiration of enhanced federal premium subsidies and ongoing medical cost inflation are key factors driving these increases. Unless Congress acts to renew support, many employees could experience premium rises exceeding 75%, making 2026 a critical year for financial planning related to healthcare expenses. Click here to learn more

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

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

The 401(k) plan offered by SpartanNash is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out.

How can I enroll in SpartanNash's 401(k) plan?

Employees can enroll in SpartanNash's 401(k) plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does SpartanNash offer a company match for the 401(k) contributions?

Yes, SpartanNash offers a company match for employee contributions to the 401(k) plan, which helps employees maximize their retirement savings.

What is the vesting schedule for the SpartanNash 401(k) plan?

The vesting schedule for the SpartanNash 401(k) plan typically outlines how long employees must work at the company to fully own the company match contributions.

Can I change my contribution percentage in the SpartanNash 401(k) plan?

Yes, employees can change their contribution percentage in the SpartanNash 401(k) plan at any time by accessing their account through the benefits portal.

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

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

When can I take a loan from my SpartanNash 401(k) plan?

Employees can take a loan from their SpartanNash 401(k) plan under certain conditions, typically after being enrolled for a specified period and meeting the plan’s loan requirements.

What happens to my SpartanNash 401(k) if I leave the company?

If you leave SpartanNash, you have several options for your 401(k) savings, including rolling it over to a new employer's plan, an IRA, or cashing it out (though cashing out may incur taxes and penalties).

Is there a penalty for early withdrawal from my SpartanNash 401(k) plan?

Yes, there is typically a penalty for early withdrawal from the SpartanNash 401(k) plan if you take money out before reaching the age of 59½, along with potential income taxes.

How often can I change my investment allocations in the SpartanNash 401(k) plan?

Employees can change their investment allocations in the SpartanNash 401(k) plan at any time, allowing for adjustments based on market conditions or personal financial goals.