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

Healthcare Provider Update: Healthcare Provider for TransUnion TransUnion utilizes various healthcare providers for its employee health benefits, but specific details about the primary provider may vary by state and plan. Typically, large corporations like TransUnion partner with recognized insurance carriers to offer comprehensive health coverage, which often includes options from major players in the industry. Potential Healthcare Cost Increases in 2026 As we look ahead to 2026, healthcare costs are expected to rise significantly, creating challenges for both employers and employees at TransUnion. Experts predict that heightened medical expenses combined with the expiration of enhanced federal subsidies could lead to skyrocketing premiums in the Affordable Care Act marketplace, with some shareholders experiencing increases exceeding 60%. This situation may compel employers to reconsider how they manage health benefits, potentially requiring workers to shoulder a larger share of medical expenses, thereby affecting household budgets and overall healthcare affordability for many. Click here to learn more

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

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

The primary purpose of TransUnion's 401(k) Savings Plan is to help employees save for retirement by allowing them to contribute a portion of their salary on a pre-tax or after-tax basis.

How can TransUnion employees enroll in the 401(k) Savings Plan?

TransUnion employees can enroll in the 401(k) Savings Plan by completing the online enrollment process through the company's benefits portal during the enrollment period.

Does TransUnion offer a company match for contributions made to the 401(k) Savings Plan?

Yes, TransUnion offers a company match for employee contributions to the 401(k) Savings Plan, helping employees maximize their retirement savings.

What are the eligibility requirements for TransUnion's 401(k) Savings Plan?

To be eligible for TransUnion's 401(k) Savings Plan, employees must be at least 21 years old and have completed a specified period of service with the company.

What types of investment options are available in TransUnion's 401(k) Savings Plan?

TransUnion's 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.

Can TransUnion employees take loans against their 401(k) Savings Plan balance?

Yes, TransUnion allows employees to take loans against their 401(k) Savings Plan balance, subject to certain terms and conditions.

How often can TransUnion employees change their contribution amounts to the 401(k) Savings Plan?

TransUnion employees can change their contribution amounts to the 401(k) Savings Plan at any time, allowing for flexibility in their savings strategy.

What happens to TransUnion employees' 401(k) Savings Plan accounts if they leave the company?

If TransUnion employees leave the company, they have several options regarding their 401(k) Savings Plan accounts, including rolling over the balance to another retirement account or withdrawing the funds.

Are there any fees associated with TransUnion's 401(k) Savings Plan?

Yes, TransUnion's 401(k) Savings Plan may have administrative fees and investment-related expenses, which are disclosed in the plan documents.

How does TransUnion ensure employees are informed about their 401(k) Savings Plan options?

TransUnion provides employees with educational resources, workshops, and access to financial advisors to help them understand their 401(k) Savings Plan options.