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Latest HL 366 published Dec 16, 2024. Not all sections of Blog are on first page. Click OLDER POSTS to view additional newsletter sections. For PDF version and all archived list CLICK HERE. Look for next issue soon!

Airlines news

Wednesday, November 27, 2024

Insurance - HL 365 (2)

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. 

 

 

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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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