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MetLife Employees: Navigate Tax Season Like a Pro

MetLife employees must recognize the value of proactive tax planning, as strategic contributions to retirement accounts and thorough verification of deductions can significantly reduce tax liabilities and improve long-term financial outcomes. – Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement Group.

MetLife employees should leverage tax season as an opportunity to refine their financial strategies by maximizing contributions to retirement accounts, utilizing available tax credits, and staying ahead of state tax changes to ensure a more favorable financial outlook. – Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement Group.

In this article, we will discuss:

How to optimize your retirement and health-related contributions before the tax deadline.
Navigating state tax rules amid the rise of remote work.
Leveraging key tax credits and deductions to help reduce your liability.

MetLife employees should be especially careful with their tax returns before filing them with the Internal Revenue Service this tax season. Last year, about USD 3,138 per filer got refunds on average, IRS data showed. This concludes their IRS dealings for most, unless more information is requested. Remember the IRS sends written correspondence to prevent common frauds.

Optimizing Contributions

Test whether you've contributed to your Health Savings Accounts (HSAs), Roth IRAs, and Traditional IRAs by the federal tax deadline of April 15, 2025 for the 2024 tax year. This includes requests for extensions, though different deadlines may apply to those affected by federal disaster declarations like the California wildfires. The IRS website should be updated regularly.

Independent contractors can contribute to a Simplified Employee Pension plan (SEP IRA) through the business tax reporting deadline. Some choose to invest the expected tax refunds in these contributions to avoid stagnation of funds.

State Tax Compliance

The rise of remote work has increased state tax liabilities - especially for workers from states different from their employer's location. Learn about the often complex state tax laws.

Leveraging Tax Credits

Tax credits like the Child Tax Credit and Earned Income Tax Credit lower your tax liability directly. Also, education-related credits like the American Opportunity Tax Credit and Lifetime Learning Credit might help with higher education costs. Eligibility for these benefits must be verified.

Income and Deductions Verification

MetLife employees should investigate all income sources and potential deductions. That includes paying for taxable unemployment benefits and getting all 1099 forms. Some tax obligations may be easier to with inflation adjustments to and a higher standard deduction in 2024.

State and local taxes, medical costs, mortgage interest, and charitable contributions are big deductions. Those itemizing deductions must be compared with the standard deduction. The home office deduction is still available for self-employed individuals under certain conditions.

Strategic Planning & Filing Extensions.

File for an extension if necessary by April 15 to extend your filing deadline to October 15. Remember this extension does not apply to tax payments due - which must be paid by the original deadline or to face penalties.

File early to limit identity theft risks and expedite refunds - and plan for next year. Use your tax return for planning - make informed decisions about state residency and tax withholding adjustments.

The tax maze requires proactive planning to improve your financial condition and minimize tax liabilities. Using contributions fully, understanding state tax consequences, claiming available tax credits, confirming all income and deductions and planning your filing time can improve your financial picture. Talking to a tax professional can give you tailored advice on your financial plans.

Those approaching or in retirement should know how Social Security income is taxed. Up to 85% of your Social Security benefits could be taxable based on your income. Timing withdrawals from retirement plans or earnings from part-time work affects your tax bracket and Social Security tax rate. Strategic planning can help minimize taxes on these benefits, as described in the IRS's Benefits Planner: Planning Your Taxes Now. The Income Taxes and Your Social Security Benefit

Enjoy tax season with this guide to making informed contributions, understanding state tax compliance, and using tax credits to lower your tax bill. Prepare thoroughly by understanding state taxation, remote work impacts, and timely tax credits. Make sure your various income sources and potential deductions are documented.

Like regular health check-ups , paying taxes helps you stay on top of your finances and within regulations. Contributing to retirement accounts is preventative financial care - it lowers future tax burdens and supports financial health. Like getting personalized health advice at your annual physical, a thorough tax review positions you for the coming fiscal year.

Articles you may find interesting:

Sources:

1. IRA Contribution Deadline - Retirement Daily. TheStreet , 3 Mar. 2025. Entire article. Author: TheStreet Staff.

2. State and Local Tax Considerations of Remote Work Arrangements. National Conference of State Legislatures (NCSL) , 15 Sept. 2023, pp. 1-10. Author: NCSL Fiscal Affairs Program.

3. Tax-Saving Moves You Can Make Before Year-End. Charles Schwab , 10 Oct. 2024. Entire article.
Author: Hayden Adams.

4. Taxes in Retirement: 7 Tax Tips for After You Retire. TurboTax , 1 Mar. 2025. Entire article.
Author: TurboTax Staff.

5. Managing State and Local Tax Implications of Remote Work. Carr, Riggs & Ingram CPAs and Advisors , 6 Mar. 2025. Entire article. Author: Vicki Bolskar.

How does the MetLife Retirement Plan structure benefits differently for salaried versus commissioned employees, and what specific factors go into calculating the retirement benefits for each type of employee as detailed in the MetLife plan documents?

Salaried vs. Commissioned Employees: MetLife structures benefits for salaried employees based on their base salary and Annual Variable Incentive Plan, while commissioned employees' benefits are calculated using 42% of commissions from Company proprietary products and services. The benefit formula takes into account eligible pay, Social Security Wage Base, and credited service(MetLife_Retirement_Plan…).

For employees considering early retirement from MetLife, what factors should they weigh in terms of financial security and expected benefits, and how does the MetLife plan accommodate early retirement for participants who may be eligible?

Early Retirement Considerations: Employees considering early retirement should weigh the reduction in benefits due to early retirement factors. Eligibility requires at least 15 years of service and being at least 55 years old. Early retirement benefits are reduced according to specific factors based on age and service(MetLife_Retirement_Plan…)(MetLife_Retirement_Plan…).

What are the implications of the recent changes to the MetLife Retirement Plan regarding the freeze on the Traditional Formula benefits, and how does this impact employees who have been accruing benefits under this system?

Changes to Traditional Formula Benefits: The Traditional Formula was frozen as of December 31, 2022. All future benefit accruals are under the Personal Retirement Account (PRA) formula, which impacts those who were accruing under the Traditional Formula by transitioning them to the PRA(MetLife_Retirement_Plan…).

How does MetLife ensure that employees are fully informed of their rights under the Employee Retirement Income Security Act (ERISA), and what resources does the company provide for employees to understand their pension benefits?

ERISA Rights and Resources: MetLife ensures employees are informed of their ERISA rights through plan documents, the MetLife HR Global Compensation and Benefits Department, and the Retirement Benefits Service Center. Participants can access detailed plan information, their benefits, and contact the plan administrator for legal issues(MetLife_Retirement_Plan…).

In the event of resignation or transitioning to another role within MetLife, what provisions does the retirement plan offer regarding preserved benefits, and how can employees navigate this process to secure their retirement funds?

Preserved Benefits after Resignation: Employees leaving MetLife retain preserved benefits if vested. These benefits can be claimed at retirement age, and employees can opt for different forms of payment, including lump sums or annuities, depending on the value of their preserved benefits(MetLife_Retirement_Plan…).

What measures are in place for employees at MetLife to reach out for support and clarification about their retirement benefits, and how can they utilize those resources effectively to address any concerns they might have?

Support for Retirement Benefit Queries: Employees can seek support through the Retirement Benefits Service Center or the online portal. These resources provide answers to any queries about benefits and can be used to resolve discrepancies in benefit calculations or account information(MetLife_Retirement_Plan…).

As MetLife employees, what strategies can individuals implement to maximize their pension benefits throughout their careers, including understanding the impact of factors like final average pay and years of credited service?

Maximizing Pension Benefits: Employees can maximize pension benefits by understanding the impact of final average pay, credited service, and the Social Security Wage Base. Maintaining consistent employment and maximizing eligible pay are key strategies for increasing retirement benefits(MetLife_Retirement_Plan…).

Can you explain the eligibility criteria for participation in the MetLife Retirement Plan and how an employee can determine their eligible pay throughout the duration of their employment with the company?

Eligibility for MetLife Retirement Plan: To participate in the plan, employees must complete at least one year of service with 1,000 hours and be 21 years old. Eligible pay is determined by the employee's base salary or a percentage of commissions for commissioned employees(MetLife_Retirement_Plan…).

What steps should MetLife employees take if they notice discrepancies or unusual activity in their retirement accounts, and what resources are available to assist them in resolving these issues?

Addressing Discrepancies in Accounts: If employees notice discrepancies, they should contact the Retirement Benefits Service Center immediately. There are procedures in place for filing claims, and employees must report errors within a reasonable timeframe(MetLife_Retirement_Plan…).

How can MetLife employees obtain further information about their pension rights and benefits, and what specific documentation or communication channels should they utilize to ensure they have accurate and comprehensive information? These questions are designed to assist employees in navigating their retirement benefits with MetLife.

Obtaining Further Information: Employees can access comprehensive information on their pension rights and benefits through the online portal or by contacting the plan administrator. The portal provides personalized benefit details, and written requests can be submitted for official plan documents(MetLife_Retirement_Plan…).