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

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

Healthcare Provider Update: Healthcare Provider for Under Armour Under Armour's healthcare benefits are managed through a partnership with various national insurers that provide coverage options for their employees. While specific healthcare providers may vary based on the individual plans and geographic location, major insurers involved in employer-sponsored plans, such as Aetna, UnitedHealthcare, and Anthem, are known to offer various health plans that Under Armour employees can choose from. Potential Healthcare Cost Increases in 2026 In 2026, Under Armour employees may face significant healthcare cost increases as insurance premiums through the Affordable Care Act (ACA) marketplace are projected to surge. With several states expecting hikes of over 60%, the termination of enhanced federal subsidies could leave many employees with out-of-pocket premium costs soaring by more than 75%. Companies, including Under Armour, are also likely to adjust their health benefit structures, potentially shifting a greater share of expenses to employees amid rising medical costs. Employees are encouraged to stay informed and strategically evaluate their health plan options, as proactive planning can mitigate the impact of these escalating costs., 'sources': [], 'images': [] Click here to learn more

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

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

Under Armour offers a 401(k) plan that allows employees to save for retirement through pre-tax and Roth after-tax contributions.

How does Under Armour match employee contributions to the 401(k) plan?

Under Armour provides a matching contribution to the 401(k) plan, typically matching a percentage of the employee's contributions up to a certain limit.

When can employees enroll in Under Armour's 401(k) plan?

Employees at Under Armour can enroll in the 401(k) plan during their initial onboarding period or during the annual open enrollment period.

What investment options are available in Under Armour's 401(k) plan?

Under Armour's 401(k) plan offers a variety of investment options, including mutual funds and target-date funds, to help employees diversify their retirement savings.

Can employees take loans against their 401(k) savings at Under Armour?

Yes, Under Armour allows employees to take loans against their 401(k) savings, subject to specific terms and conditions outlined in the plan.

What happens to my 401(k) if I leave Under Armour?

If you leave Under Armour, you have several options for your 401(k), including rolling it over to an IRA or another employer's plan, cashing it out, or leaving it in the Under Armour plan if allowed.

Is there a vesting schedule for Under Armour's 401(k) matching contributions?

Yes, Under Armour has a vesting schedule for its matching contributions, which means that employees must work for a certain period before they fully own the matched funds.

How can employees access their 401(k) account information at Under Armour?

Employees can access their 401(k) account information through the designated online portal provided by Under Armour's retirement plan administrator.

Are there any fees associated with Under Armour's 401(k) plan?

Yes, there may be administrative fees and investment-related fees associated with Under Armour's 401(k) plan, which are disclosed in the plan documents.

Can employees change their contribution amounts to Under Armour's 401(k) plan?

Yes, employees can change their contribution amounts to Under Armour's 401(k) plan during the annual open enrollment period or as permitted by the plan.