With taxes top of mind, now’s a great time to think about trimming your future tax bill. Here are three IRS-approved ways to do that!
Use your HSA
Health Savings Accounts (HSAs) offer a triple-tax advantage. Your deposits are tax-deductible. Your growth is tax-deferred. Your spending is tax-free. If you’re enrolled in the Rockwell Automation Broad Access HSA Option, contribute up to $3,650 (employee only) or $7,300 (family) to your 2024 HSA. This includes the $500 (employee only) or $1,000(family) Rockwell Automation . If you’re age 55 or older, you may make an additional $1,000 catch-up contribution.
Invest in the 401(k)
With the Rockwell Automation 401(k) Retirement Savings Plan, you get a tax break to save for your future. Your paycheck contributions are generally made before-tax, and the money in your account grows tax-free until you withdraw it in retirement. Your contributions, combined with Rockwell Automation’s matching contributions, make your 401(k) a powerful savings vehicle.
Contribute up to the IRS limit ($23,000 in 2024) on a pre-tax and/or Roth after-tax basis—plus an additional $7,500 in catch-up contributions if you’re age 50 or older. You may also contribute to the plan on a regular after-tax basis. Catch up contributions are not eligible for the company match.
Visit 401k.com to learn more or change your contribution amount.
Fund your FSA
Fexible Spending Accounts (FSAs) save you pre-tax money to pay for eligible, out-of-pocket medical, child and elder care expenses. Rockwell Automation offers three FSAs.
With the Dependent Care FSA, Rockwell Automation matches your contribution dollar for dollar up to $1,000. If you’re enrolled in the Dependent Care FSA, use this money (up to $4,000 in 2024) for nursery school, in-home care and other dependent care expenses. You don’t need to be enrolled in a Rockwell medical plan to participate in a Dependent Care FSA.
The Healthcare FSA can help you pay your medical deductibles, copays, prescriptions drugs expenses, and more, if you’re enrolled in the Broad Access or High-Performance Plan. Use this money (up to $3,050 in 2024) for eligible expenses for you and your tax dependents.
If you’re enrolled in the HSA option, use your Limited Purpose FSA funds (up to $3,050 in 2024) for preventive pharmacy coinsurance, and dental and vision expenses for you and your tax dependents until you meet your deductible. After you meet your deductible, use the Limited Purpose FSA for eligible medical expenses, too.
Remember to use all your FSA funds by Dec. 31, 2024, or you’ll lose any money over $640 left in your account at the end of the year. Your deadline to use 2024 contributions is Dec. 31, 2024. Your deadline to submit 2024 expenses is March 31, 2025
Access and manage your account and submit claims through Smart-Choice on Your Benefits.
