Healthcare Provider Update: Healthcare Provider for Xylem Xylem Inc. primarily relies on Accenture for its health and wellness programs, a strategic partnership aimed at enhancing employee benefits management. Healthcare Cost Increases in 2026 As 2026 approaches, Xylem employees may face significant increases in healthcare costs amid anticipated sharp hikes in ACA premiums. Reports indicate that some states could experience premium increases exceeding 60%, primarily driven by the expiration of enhanced federal subsidies and rising medical costs. Consequently, many employees could see their out-of-pocket expenses rise substantially, making it vital to evaluate health plans carefully and consider proactive financial strategies for managing these heightened costs. Adjustments in employer-sponsored plans may further shift more healthcare expenses onto employees, amplifying the need for strategic preparation. Click here to learn more
The Internal Revenue Service (IRS) recently revealed that a staggering amount over $1 billion
in tax refunds from the 2020 tax year remains unclaimed. This considerable sum represents excess payments that Xylem employees, among others, have not yet reclaimed for various reasons, including incomplete filing forms and the intricacies of tax regulations.
Moreover, an additional $7 billion in unclaimed funds are overlooked annually due to missed claims on earned-income tax credits, child tax credits, and recovery rebate credits for both the 2020 and 2021 tax years. This highlights a pervasive issue within the tax system where employees at major corporations like Xylem could miss out on substantial financial returns simply because they are unaware of or do not fully understand applicable tax laws and benefits.
For Xylem employees, it’s critical to recognize that time is still on your side if you've forgotten to claim rightful credits or deductions. The IRS allows refund claims up to three years post the original filing deadline, typically April 15. Due to pandemic-related delays, the filing deadline for the 2020 tax year has been extended to May 17, providing an extra window to correct your filings and claim your dues before they revert permanently to the U.S. Treasury after the deadline.
At the state level, unclaimed funds are even more common. For instance, Nebraska has seen around $420 million in unclaimed property tax deductions since 2020. Similarly, in New Mexico, more than 16,000 residents failed to claim approximately $6 million in rebate credits anticipated for 2022.
A significant portion of these unclaimed refunds can be attributed to taxpayers who either did not file a return or failed to update their mailing addresses with the IRS, resulting in refunds that were never delivered. In 2020, the median amount of these unclaimed refunds was $932 per taxpayer.
The complexity of the tax code often deters taxpayers from pursuing their entitlements, including lesser-known deductions such as those for home offices and specific benefits for owners of pass-through entities. Ryan LoRusso, a partner at Withers, mentions that even tax experts frequently overlook benefits due to the code's complexities.
Most states align with the federal deadline of May 17 to file claims for the 2020 tax year.
According to Lucy Dadayan from the Urban-Brookings Tax Policy Center, most states offer a three-year window to file for unclaimed refunds, mirroring the IRS.
However, filing an amended return can be both challenging and costly, as Jamie Yesnowitz, a tax principal at Grant Thornton, emphasizes. The financial and administrative burdens of filing amended returns might deter individuals, especially when the potential savings do not justify the fees.
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Strategic estate planning is crucial in this environment. Consider a person with substantial assets, such as a $3 million brokerage account and a $3 million tax-deferred retirement account, planning to distribute wealth to family and charities. Understanding the tax implications and available credits or deductions can significantly affect the financial outcome of such legacies.
In summary, the complexities of tax laws mean many potential refunds and credits go unclaimed. Xylem employees need to be proactive and informed about their tax filings to optimize potential refunds and credits, enhancing their personal financial management and engaging more deeply with the broader financial and economic landscape.
Xylem employees, particularly those nearing or in retirement, should also be vigilant about tax scams. During tax season, retirees are often targeted by fraudulent schemes, including fake IRS calls demanding immediate payment. The IRS warns that these calls are scams, exploiting fears about law enforcement and compliance. A report by the Treasury Inspector General for Tax Administration in February 2021 indicated that over $10 million was lost to such scams in the previous year, highlighting the need for increased vigilance.
What is Xylem's 401(k) plan?
Xylem's 401(k) plan is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are taken out, helping them prepare for retirement.
How does Xylem match employee contributions to the 401(k) plan?
Xylem offers a matching contribution to employee 401(k) plans, typically matching a percentage of the employee's contributions up to a certain limit.
When can employees at Xylem enroll in the 401(k) plan?
Employees at Xylem 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 Xylem's 401(k) plan?
Xylem's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles to suit different risk tolerances.
Can employees at Xylem take loans against their 401(k) savings?
Yes, employees at Xylem may have the option to take loans against their 401(k) savings, subject to the plan's specific terms and conditions.
What happens to my 401(k) if I leave Xylem?
If you leave Xylem, you have several options for your 401(k), including rolling it over to a new employer's plan, transferring it to an IRA, or cashing it out (though cashing out may incur taxes and penalties).
How can I access my 401(k) account information at Xylem?
Employees can access their 401(k) account information through the designated online portal provided by Xylem's 401(k) plan administrator.
Does Xylem offer financial education resources for 401(k) participants?
Yes, Xylem provides financial education resources, including workshops and online tools, to help employees make informed decisions about their 401(k) savings.
What is the vesting schedule for Xylem's 401(k) matching contributions?
The vesting schedule for Xylem's matching contributions typically requires employees to work for a certain number of years before they fully own the matched funds.
Are there any fees associated with Xylem's 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with Xylem's 401(k) plan, which are disclosed in the plan documents.