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

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

Healthcare Provider Update: StoneX provides health insurance, cafeteria perks, and job training, though details on specific providers are limited 6. With ACA premiums expected to rise sharply, StoneXs internal coverage may offer more stability, especially for employees with dependents. Click here to learn more

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

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

StoneX Group offers a 401(k) retirement plan to help employees save for their future.

How can employees at StoneX Group enroll in the 401(k) plan?

Employees can enroll in the StoneX Group 401(k) plan through the company’s HR portal or by contacting the HR department for assistance.

Does StoneX Group match employee contributions to the 401(k) plan?

Yes, StoneX Group offers a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for the StoneX Group 401(k) plan?

The maximum contribution limit for the StoneX Group 401(k) plan follows the IRS guidelines, which are updated annually.

Can employees at StoneX Group take loans against their 401(k) savings?

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

Are there any fees associated with the StoneX Group 401(k) plan?

Yes, there may be administrative fees associated with the StoneX Group 401(k) plan, which are disclosed in the plan documents.

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

The StoneX Group 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds.

When can employees at StoneX Group start withdrawing from their 401(k) plan?

Employees can typically start withdrawing from their StoneX Group 401(k) plan at age 59½, subject to certain conditions.

Does StoneX Group provide educational resources about the 401(k) plan?

Yes, StoneX Group offers educational resources and workshops to help employees understand their 401(k) plan options and investment strategies.

How often can employees at StoneX Group change their 401(k) contribution amounts?

Employees at StoneX Group can change their 401(k) contribution amounts at any time, typically during open enrollment periods or as specified in the plan.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

StoneX Group offers RSUs and stock options as part of its compensation package.