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

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

Healthcare Provider Update: Healthcare Provider for SVB Financial Group SVB Financial Group primarily partners with Anthem Blue Cross Blue Shield as their healthcare provider for employee medical benefits. This partnership enables the company to offer comprehensive health insurance options, which are crucial for their workforce's health and well-being. Potential Healthcare Cost Increases in 2026 In 2026, employees of SVB Financial Group may face significant increases in healthcare costs, with a projected rise in Affordable Care Act (ACA) marketplace premiums of up to 66% in some states. These increases are driven by escalating medical costs and the potential expiration of enhanced federal premium subsidies, which could result in a staggering 75% hike in out-of-pocket costs for many consumers. Additionally, employers like SVB Financial Group might shift more healthcare expenses to employees, making it imperative for workers to carefully review their health benefits and consider strategic decisions to navigate these rising costs effectively., 'sources': [], 'images': [] Click here to learn more

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

2. Accelerate deductions
SVB Financial 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 SVB Financial 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.)

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4. Bump up withholding to cover a tax shortfall
As a SVB Financial 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 SVB Financial Group employees to request a Form W-4 change and for their employers from SVB Financial 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 SVB Financial 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 SVB Financial 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, SVB Financial 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 SVB Financial 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 SVB Financial Group employee age 72 or older, you generally must take required minimum distributions (RMDs) from traditional IRAs and SVB Financial Group-sponsored retirement plans (special rules apply if you're still working and participating in SVB Financial 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
SVB Financial 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 SVB Financial 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 SVB Financial Group offer to its employees?

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

How can employees of SVB Financial Group enroll in the 401(k) plan?

Employees of SVB Financial Group can enroll in the 401(k) plan through the company’s HR portal during the open enrollment period or when they first become eligible.

Does SVB Financial Group provide any matching contributions to the 401(k) plan?

Yes, SVB Financial Group offers matching contributions to the 401(k) plan, which helps employees to increase their retirement savings.

What is the maximum contribution limit for the 401(k) plan at SVB Financial Group?

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

Can employees of SVB Financial Group take loans against their 401(k) savings?

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

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

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

Is there a vesting schedule for the employer contributions in the SVB Financial Group 401(k) plan?

Yes, there is a vesting schedule for employer contributions in the SVB Financial Group 401(k) plan, which determines when employees fully own those contributions.

How can employees of SVB Financial Group access their 401(k) account information?

Employees of SVB Financial Group can access their 401(k) account information online through the designated retirement plan website.

What happens to the 401(k) plan when an employee leaves SVB Financial Group?

When an employee leaves SVB Financial Group, they have several options for their 401(k) plan, including rolling it over to a new employer’s plan or an IRA.

Can employees of SVB Financial Group change their contribution amounts to the 401(k) plan?

Yes, employees of SVB Financial Group can change their contribution amounts to the 401(k) plan at any time, subject to plan rules.