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

2022 Year-End Tax Tips TTM Technologies

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

'For TTM Technologies employees, proactive tax planning strategies, like deferring income and accelerating deductions, can significantly enhance retirement readiness, and working with an advisor like Kevin Landis from The Retirement Group, a division of Wealth Enhancement Group, can help you make the most of these opportunities.'

'As the tax landscape evolves, it's crucial for TTM Technologies employees to carefully weigh year-end moves such as contributing to retirement accounts or adjusting withholding, and an advisor like Brent Wolf from The Retirement Group, a division of Wealth Enhancement Group, can guide you in optimizing your tax strategy for long-term financial success.'

In this article we will discuss:

1. Tax strategies for employees and retirees of TTM Technologies companies, including deferring income and accelerating deductions.
2. Charitable contributions and their impact on tax returns for individuals who itemize deductions.
3. The importance of required minimum distributions (RMDs) and year-end investment decisions.
According to a recent study by the Insured Retirement Institute (IRI), a leading financial research firm, 60% of Baby Boomers plan to continue working in some capacity during retirement. This means that for many employees and retirees of TTM Technologies companies, tax planning strategies will continue to be relevant well beyond retirement age. It is important for this demographic to consider the impact of their retirement income on their tax liabilities, as well as the tax implications of continuing to work in retirement. With that taken into account, Here are some factors for employees and retirees of TTM Technologies companies to consider as they evaluate potential tax moves between now and the end of the year.
1. Defer income to next year

Consider opportunities to defer income until 2023, especially if you believe you will be in a reduced tax bracket in 2023. For instance, you may be able to defer an end-of-year bonus or delay the collection of business debts, rent, and service payments. As an employee of TTM Technologies, doing so may allow you to defer income tax payment until the following year.

2. Accelerate deductions

Employees and retirees of TTM Technologies should also seek opportunities to accelerate deductions into the current tax year. If you itemize deductions, paying medical expenses, qualifying interest, and state taxes before the end of the year (instead of paying them in early 2023) could affect your 2022 tax return.

3. Make deductible charitable contributions

Generally, if you are an employee of TTM Technologies and itemize deductions on your federal income tax return, you can deduct charitable contributions up 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 donate and the type of organization to which you donate. (Exceeding quantities may be carried forward for a maximum of five years.)

4. Bump up withholding to cover a tax shortfall

If it appears that you will incur federal income tax for the year as an employee of TTM Technologies, 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 modification and for their employers to implement the change by 2022. The greatest benefit is that withholding is considered to have been paid equitably throughout the year, as opposed to when the dollars are actually deducted from your paycheck. This strategy can be utilized by employees of TTM Technologies to make up for missed or insufficient quarterly estimated tax payments.

5. Save more for retirement

You can reduce your 2022 taxable income through contributions to a traditional IRA and a 401(k) sponsored by a TTM Technologies company. If you are an employee of TTM Technologies and have not already contributed the maximum amount, you should consider doing so. For 2022, TTM Technologies employees can contribute up to $20,500 to a 401(k) plan ($27,000 if over 50) and up to $6,000 to traditional and Roth IRAs combined ($7,000 if over 50).* The window for 2022 contributions to a TTM Technologies-sponsored plan typically concludes at the end of the year, whereas the deadline for 2022 IRA contributions is April 18, 2023.

Contributions to a Roth account are not tax-deductible, but qualified Roth distributions are not taxable.

6. Take the required minimum distributions

If you are 72 or older and work for TTM Technologies, you are generally required to take required minimum distributions (RMDs) from traditional IRAs and TTM Technologies-sponsored retirement plans (exceptions apply if you are still employed and participating in TTM Technologies's retirement plan). The deadline for withdrawals is typically the end of the year for most individuals. The penalty for noncompliance is severe: fifty percent of the quantity that was not distributed on time. As an employee of TTM Technologies, it is imperative that you make these distributions on time to avoid the late payment penalty.

7. Weigh year-end investment moves

TTM Technologies employees and retirees shouldn't let tax considerations dictate investment decisions. Nonetheless, you should consider the tax implications of any year-end investment decisions. If you have realized net capital gains from the sale of securities at a profit, you may be able to avoid taxation on some or all of these gains by selling negative positions. Any losses in excess of your gains as an employee of TTM Technologies can be used to mitigate up to $3,000 of ordinary income ($1,500 if your filing status is married filing separately) or carried forward to reduce your tax liability in future years.

Conclusion

Preparing your taxes is like taking care of your health. Just as you need to stay on top of your physical well-being to prevent future health issues, you also need to plan ahead and take the necessary steps to ensure that you're not hit with unexpected tax liabilities in the future. By deferring income, accelerating deductions, making charitable contributions, and contributing to your retirement accounts, you can ensure that your financial health is in good shape for the years ahead. Just as you wouldn't skip your annual check-up, you shouldn't overlook the importance of taking care of your taxes.

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Sources :

1. Weltman, Barbara. '5 Tax Planning Strategies for Your Retirement Income.' Investopedia , 3 Oct. 2022, https://www.investopedia.com/retirement/tax-strategies-your-retirement-income/?utm_source=chatgpt.com .

2. Morgan Stanley. 'Tax-Smart Strategies for Your Retirement.' Morgan Stanley , 2023, https://www.morganstanley.com/articles/tax-strategies-for-retirement?utm_source=chatgpt.com .

3. Vanguard. 'Tax-Efficient Retirement Strategy.' Vanguard , 2023, https://investor.vanguard.com/advice/tax-efficient-retirement-strategy?utm_source=chatgpt.com .

4. Thrivent. '6 Retirement Tax Planning Strategies You Should Know.' Thrivent , 2023, https://www.thrivent.com/insights/taxes/6-retirement-tax-planning-strategies-you-should-know?utm_source=chatgpt.com .

5. New York Life Insurance. 'Tax Planning Strategies for Retirement.' New York Life Insurance , 2023, https://www.newyorklife.com/articles/tax-considerations-in-retirement?utm_source=chatgpt.com .

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.