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

Healthcare Provider Update: Healthcare Provider for TreeHouse Foods: TreeHouse Foods does not have a singular healthcare provider, as its employees typically access healthcare through various plans available to them, often leveraging the Affordable Care Act (ACA) marketplace or employer-sponsored plans. The specific healthcare providers can vary based on employee choices and market availability during enrollment periods. Healthcare Cost Increases in 2026: As TreeHouse Foods navigates an evolving healthcare landscape, employees may face significant healthcare cost increases in 2026. Record hikes in health insurance premiums are anticipated, driven by a convergence of factors such as rising medical costs and the potential expiration of enhanced ACA subsidies. Without these subsidies, many individuals could experience out-of-pocket premium hikes exceeding 75%. With the increasing financial burden likely to impact the quality of care, proactive planning and strategic decisions in 2025 will be essential for managing these impending costs effectively. Click here to learn more

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

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

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

Does TreeHouse Foods match employee contributions to the 401(k) plan?

Yes, TreeHouse Foods provides a matching contribution to employee 401(k) contributions, subject to certain limits.

How can employees enroll in the 401(k) plan at TreeHouse Foods?

Employees can enroll in the TreeHouse Foods 401(k) plan through the company’s benefits portal during the open enrollment period or when they become eligible.

What is the eligibility requirement for TreeHouse Foods employees to participate in the 401(k) plan?

Employees of TreeHouse Foods are generally eligible to participate in the 401(k) plan after completing a specified period of service, typically 30 days.

Can TreeHouse Foods employees change their contribution percentage to the 401(k) plan?

Yes, employees at TreeHouse Foods can change their contribution percentage at any time through the benefits portal.

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

The TreeHouse Foods 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a vesting schedule for the matching contributions at TreeHouse Foods?

Yes, TreeHouse Foods has a vesting schedule for matching contributions, which means employees must work for a certain period to fully own those contributions.

How often can TreeHouse Foods employees access their 401(k) account statements?

Employees can access their TreeHouse Foods 401(k) account statements online at any time, with quarterly statements also provided.

Are there any fees associated with the TreeHouse Foods 401(k) plan?

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

Can TreeHouse Foods employees take loans against their 401(k) savings?

Yes, TreeHouse Foods allows employees to take loans against their 401(k) savings, subject to certain conditions and limits.