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Lumen Employees: Navigate Tax Season Like a Pro

'Lumen 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.

'Lumen 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.

Lumen 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

Lumen 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.

What specific retirement benefits does Lumen Technologies, Inc. offer to employees who have dedicated many years of service to the company? In what ways do these benefits reflect Lumen's commitment to taking care of its employees post-retirement, and how do they align with the company's overall values regarding employee welfare and support?

Retirement Benefits: Lumen Technologies offers its employees retirement benefits that include 401(k) plans and pension options, reflecting its commitment to post-retirement welfare. These benefits are aligned with Lumen’s values of providing security and care for its employees after years of dedicated service. They are designed to ensure long-term financial stability for retirees, aligning with Lumen's mission of enhancing employee well-being(Lumen Technologies Inc_…).

As an employee of Lumen Technologies, Inc., how can you effectively plan for your retirement to maximize your benefits? What factors should you consider, and what resources does Lumen provide to help employees navigate the complexities of retirement planning to ensure a secure financial future?

Retirement Planning: As an employee of Lumen Technologies, you should consider factors like years of service, retirement plan contributions, and projected retirement age to maximize your benefits. Lumen provides resources such as retirement calculators and financial planning tools to help employees navigate these complexities and secure their financial future post-retirement(Lumen Technologies Inc_…).

How do Lumen Technologies, Inc.'s retirement plans compare with the industry standards? In which areas can Lumen improve its offerings to remain competitive and retain top talent while ensuring the financial security of its employees in their retirement years?

Comparison with Industry Standards: Lumen’s retirement plans are competitive within the industry, but improvements could be made in areas such as enhanced pension offerings or matching contributions in the 401(k) plans to attract and retain top talent. This would ensure financial security for employees in their retirement years while keeping Lumen competitive in the market(Lumen Technologies Inc_…).

Can you explain the role of the HRCC (Human Resources and Compensation Committee) at Lumen Technologies, Inc. in overseeing employee retirement plans? What measures does this committee take to ensure that retirement benefits remain aligned with the organizationâ€™s goals and employee expectations?

HRCC Role in Retirement Plans: The Human Resources and Compensation Committee (HRCC) at Lumen oversees retirement benefits to ensure they align with the company’s goals and employee expectations. The committee reviews and updates the plans regularly, ensuring they remain relevant and meet both the company’s financial objectives and the needs of its employees(Lumen Technologies Inc_…).

What changes to federal regulations or IRS limits in 2024 could potentially impact Lumen Technologies, Inc.'s retirement plans? How should employees prepare for these potential changes to ensure they are fully utilizing their benefits?

Federal Regulation Changes in 2024: Changes to IRS limits or federal regulations, such as adjustments to contribution caps or tax deductions, could impact Lumen’s retirement plans. Employees should stay informed about these changes to fully utilize their benefits, and Lumen’s HR team provides updates and resources to assist in navigating these regulatory adjustments(Lumen Technologies Inc_…).

How does Lumen Technologies, Inc. ensure that all employees are aware of their retirement options? What communication strategies does the company employ to make sure employees understand the specifics of their retirement benefits and the necessary steps for enrollment or participation?

Employee Awareness of Retirement Options: Lumen employs a variety of communication strategies, including workshops, online resources, and HR consultations, to ensure that employees are aware of their retirement options. Regular updates and easy access to information help employees understand the steps needed for enrollment or participation(Lumen Technologies Inc_…).

In the event of unforeseen circumstances, such as death or disability, how does Lumen Technologies, Inc. protect the retirement benefits of its employees and their families? What provisions are specifically designed to support employees and their loved ones during these challenging times?

Protection of Retirement Benefits: In cases of death or disability, Lumen has provisions to protect retirement benefits for employees and their families. Survivor benefits and disability accommodations are designed to provide continued financial security for employees and their loved ones during challenging times(Lumen Technologies Inc_…).

For employees nearing retirement at Lumen Technologies, Inc., what strategies should they adopt to ensure they transition smoothly out of the workforce? What resources or programs does Lumen offer to assist employees during this significant life change?

Transitioning to Retirement: Employees nearing retirement at Lumen can benefit from financial planning tools and transition programs offered by the company. These resources help ensure a smooth exit from the workforce and provide the necessary support for this significant life change(Lumen Technologies Inc_…).

How is Lumen Technologies, Inc. addressing the challenges of an aging workforce regarding retirement readiness? What initiatives or programs are in place to help older employees prepare for retirement and to facilitate knowledge transfer to younger employees?

Addressing an Aging Workforce: Lumen is addressing retirement readiness through programs that help older employees prepare for their transition into retirement. These initiatives include financial education, retirement planning resources, and mentorship programs to facilitate knowledge transfer to younger employees(Lumen Technologies Inc_…).

For employees who wish to learn more about the retirement benefits and planning processes offered by Lumen Technologies, Inc., what contact methods are available? How can employees reach out to the appropriate department for detailed inquiries and assistance regarding their retirement options?

Contact Methods for Retirement Inquiries: Employees wishing to learn more about Lumen’s retirement benefits can reach out to the HR department via phone, email, or the company’s internal benefits portal. Lumen’s HR team provides detailed assistance regarding retirement options and planning(Lumen Technologies Inc_…).