From
Delta:
Preparing
for tax season: Complete key actions by year-end
Published Date 11/21/2024 4:00 PM
It's time to
prepare for the 2024 tax season, have you completed your checklist? Applicable
alumni can opt to receive an electronic version of the 1095-C tax form
(Employer-Provided Health Insurance Offer and Coverage) instead of receiving a
paper copy in the mail.
Electronic
forms will be accessible in Self-Service in early 2025 for opted-in alumni
and employees, with the exception of the 1095-B form, which will not
be available electronically. A paper 1095-B will be sent to your
mailing address on file. To register for paperless W-2, 1099 and 1095-C
forms:
· Log
into Self-Service and
select My Money > W2/1099/1095 Statements > Go Paperless.
· From
there, you can select ‘Tax Forms’ for W-2 and 1099 and/or ‘Health coverage
statements’ for 1095-C.
Note:
Alumni who are already enrolled to receive electronic W-2 and 1099 forms must
follow the steps above and toggle the ‘Health coverage statements’ option to
receive the paperless 1095-C. If you do not opt in, a printed copy will be sent
to your mailing address on file.
Along
with going paperless, in preparation for the upcoming tax season, please take a
few moments to complete the following important actions before the end of the
year:
1. Verify and/or update your contact information
From
Self-Service:
·
Phone number:
Click "My Info" > "Contact Me" to verify you have
at least one working phone number listed or
· provide
one if needed.
· Home/mailing
address: Click “My Info”
> "Home/Mailing Address" to verify you have an address listed
or provide one if needed.
o A home address must be a physical address (not a P.O. box). A
mailing address is the location where you wish to receive all mail and can be a
P.O. box if preferred.
o See How
to Add/Change Home/Mailing Address.
· Dependents:
Click “My Family and Pass Rider” and review your dependents’ information to
ensure it matches your tax filing for your 1095 form.
2. Register for electronic tax statements—now available for
1095-C
If you haven't done so already, use the
instructions above to register to receive easy online access to your tax
statements, including W-2, 1099 and 1095-C.
Benefits
of going paperless include:
· Quick
and easy online accessibility to statements with no need to wait for the paper
copy in the mail.
· An
unlimited number of no-fee prints and downloads for three years.
· Ability
to import the statements into tax preparations software programs or to local
tax professionals’ offices.
If you elect not to register for electronic tax statements,
these forms will be printed and mailed to your mailing address on file at the
end of January.
3. Verify and/or update current tax withholding
information
Review your federal and state tax withholdings to ensure
enough is being deducted and to avoid the possibility of
owing additional taxes at the end of the year. If you've recently
married, divorced or had a baby, you may want to consider adjusting
the amount of taxes you withhold each pay period.
You
can view your withholding allowances at any time in Self-Service > My Money
> Federal/State Tax Withholdings. Click the pencil icon in the top-right
corner to make changes to your current tax withholdings. Any changes you make
will take seven days to process and may take up to two pay periods to appear on
your paycheck.
As
a reminder, Delta does not provide tax advice. Before making any
decisions that could have tax implications, you may want to consult a tax
advisor or local IRS office regarding your individual responsibilities for
tax withholdings. The IRS website is also a good source of information
for tax-related questions.
4. Verify your Social Security information
If you changed your name in 2024 due to marriage,
divorce, by court order or for any other reason, go
to Self-Service > My Info > About Me to make the necessary changes. Be
sure to attach a valid government-issued document (i.e., passport, driver's
license, etc.) that matches your name and
click submit. While you're there, please also ensure that your
listed first name is your legal first name and not a nickname.
It
is important to update any name changes or other Social Security changes so the
Social Security Administration can properly credit your earning record,
which will determine your future Social Security benefits.
5. Set up direct deposit
If you are receiving pension or other pay from Delta,
please ensure you are set up for direct deposit. This is
the fastest and most secure way to receive your pay from Delta on time each
month.
Go
to Self-Service > My Money > Direct Deposit and choose “Pay
Only – Pension.” Use the pencil to edit banking information or scroll to
the bottom and click “+” to add banking information. Select the trash can
to delete banking information. Make sure to set your bank account up
as the primary account.
6. Review your pension tax
withholdings
Pension
taxes, like other taxes, are calculated based on annualized earnings. Depending
on how much you make, the payroll system may not calculate any tax owed. If you
would like to have more or a set amount of tax taken from your pension check,
please use the “additional withholding” feature on the W4 form in Self-Service
> My Money.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
IMPORTANT SURVIVOR information in many former
HL issues but INSURANCE section of High Life 340 and FINANCE section of 336 a
good resource to keep.
CORRECTION to language I used in HL 350 for
the D & S Plan TRUST
All Archived High Lifes issues: https://drive.google.com/drive/folders/0BzB_SBDmSd9AMzViODQ3MDQtODhjYy00YzkwLThiMzktM2FhMDEzMDZhYjA0?resourcekey=0-sovghKhA1zNRWP5SUxjUqA&usp=sharing
I
previously used the word ‘unfunding’ or ‘defunding’ the Trust but I believe that is in error and
can cause unnecessary misunderstanding. The Company is not defunding the Trust but
rather funding it ‘monthly’ as opposed to carrying a long term balance. There IS a tax advantage for both Company and
Beneficiary from the Section 501(c)(9) nature of the Trust so, one would expect
to see the Company continue to keep the Trust even though the funding is not executed
well in advance.
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