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

Healthcare Provider Update: Healthcare Provider for TTM Technologies TTM Technologies offers healthcare benefits primarily through major insurance carriers, including UnitedHealthcare and Anthem Blue Cross Blue Shield, providing comprehensive coverage options to its employees. Potential Healthcare Cost Increases in 2026 In 2026, TTM Technologies employees may face significant increases in healthcare costs, marking a critical shift in affordability. With potential ACA premium hikes exceeding 60% in some states, and enhanced federal premium subsidies set to expire, over 22 million enrollees could see their out-of-pocket costs rise by more than 75%. As a result, businesses like TTM are reassessing their health benefits, potentially transferring more costs to employees, which could lead to increased deductibles and out-of-pocket expenses. This landscape demands that employees proactively review their healthcare plans and financial strategies to navigate expected price surges effectively. Click here to learn more

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

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

The 401(k) plan at TTM Technologies is a retirement savings plan that allows employees to contribute a portion of their salary on a pre-tax or after-tax basis to save for retirement.

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

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

How can I enroll in the 401(k) plan at TTM Technologies?

Employees can enroll in the 401(k) plan at TTM Technologies by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.

What are the contribution limits for the TTM Technologies 401(k) plan?

The contribution limits for the TTM Technologies 401(k) plan are in accordance with IRS guidelines, which are updated annually. Employees should check the latest limits for the current year.

Can I change my contribution percentage to the TTM Technologies 401(k) plan?

Yes, employees can change their contribution percentage to the TTM Technologies 401(k) plan at any time by accessing their account through the HR portal or by contacting HR.

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

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

Is there a vesting schedule for the TTM Technologies 401(k) company match?

Yes, TTM Technologies has a vesting schedule for the company match, which means that employees must work for a certain period before they fully own the matched contributions.

How do I access my 401(k) account at TTM Technologies?

Employees can access their 401(k) account at TTM Technologies through the designated online portal or by contacting the plan administrator for assistance.

Can I take a loan against my 401(k) at TTM Technologies?

Yes, TTM Technologies allows employees to take loans against their 401(k) balance, subject to certain terms and conditions outlined in the plan documents.

What happens to my 401(k) if I leave TTM Technologies?

If you leave TTM Technologies, you have several options for your 401(k), including rolling it over to another retirement account, cashing it out, or leaving it in the TTM Technologies plan if allowed.