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

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

Healthcare Provider Update: Healthcare Provider for US Foods Holding US Foods Holding Corporation partners with Aetna for its employee healthcare coverage. Aetna provides a range of health plans that include medical, dental, and pharmacy benefits tailored to the needs of US Foods employees. Potential Healthcare Cost Increases in 2026 The healthcare landscape for US Foods Holding employees is set to experience significant changes in 2026, particularly with rising out-of-pocket costs. As the Affordable Care Act (ACA) premiums are projected to see steep increases-some states facing hikes over 60%-companies like US Foods may pass a larger share of healthcare expenses onto their workers. With an increased likelihood of higher deductibles and copayments, employees should actively review benefit options and consider proactive strategies to manage their healthcare expenses. Additionally, with employers like US Foods responding to escalating medical costs, employees may need to adapt quickly to ensure continued access to affordable care. Click here to learn more

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

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

US Foods Holding offers a 401(k) savings plan to help employees save for retirement.

Is participation in the 401(k) plan at US Foods Holding mandatory for employees?

No, participation in the 401(k) plan at US Foods Holding is voluntary, allowing employees to choose whether to enroll.

What is the employer match policy for the 401(k) plan at US Foods Holding?

US Foods Holding provides a matching contribution to the 401(k) plan, which enhances employees' retirement savings.

How can employees at US Foods Holding enroll in the 401(k) savings plan?

Employees at US Foods Holding can enroll in the 401(k) savings plan through the company’s benefits portal or by contacting the HR department.

What types of investment options are available in the US Foods Holding 401(k) plan?

The 401(k) plan at US Foods Holding offers a variety of investment options, including mutual funds, stocks, and bonds.

At what age can employees at US Foods Holding start withdrawing from their 401(k) plan without penalties?

Employees at US Foods Holding can start withdrawing from their 401(k) plan without penalties at age 59½.

Does US Foods Holding allow employees to take loans against their 401(k) savings?

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

How often can employees at US Foods Holding change their contribution percentage to the 401(k) plan?

Employees at US Foods Holding can change their contribution percentage to the 401(k) plan at any time, typically on a monthly basis.

What is the vesting schedule for the employer match in the US Foods Holding 401(k) plan?

The vesting schedule for the employer match in the US Foods Holding 401(k) plan typically follows a graded vesting schedule, which means employees earn ownership of the match over time.

Can employees at US Foods Holding roll over their 401(k) savings if they leave the company?

Yes, employees at US Foods Holding can roll over their 401(k) savings into another retirement account if they leave the company.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

US Foods Holding offers RSUs and stock options as part of their compensation packages.