Triple your tax advantages

With tax season top of mind, consider these three IRS-approved ways to save tax-free money.

Maximize your HSA
If you’re enrolled in the Broad Access HSA option, make the most of the triple-tax-advantaged Health Savings Account (HSA) that comes with your medical plan. You won’t pay federal income and FICA taxes on your contributions, withdrawals for eligible expenses or any interest your account earns. The more you contribute (up to IRS limits), the more you save in taxes.

For 2023, the IRS limit for your HSA covering you alone is $3,650 including Rockwell Automation’s $500 annual contribution. If you’re covering your family, the IRS limit is $7,300 including Rockwell Automation’s $1,000 contribution.

Review your 401(k) contributions 

With the Rockwell Automation Retirement Savings Plan (the “401k” Plan), you get a tax break to save for your future. Your paycheck contributions can be 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. Reminder – Rockwell Automation matches 50% of your pre-tax, Roth and regular after-tax contributions up to 7% of your pay. In other words, if you’re contributing at least 7% Rockwell provides 3.5% in matching contributions.

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.

Pay with your FSA
Rockwell Automation offers two Flexible Spending Accounts (FSAs): the Health Care FSA and the Dependent Care FSA. Each of our medical plan options include one or both FSAs:

  • If you’re enrolled in the Broad Access Plan option or the High-Performance Plan option, you’re eligible to participate in a Health Care FSA.
  • If you’re enrolled in the Broad Access HSA option, you are eligible to participate in a Limited Purpose FSA.
  • You’re eligible to participate in a Dependent Care FSA regardless of which medical plan option you chose.

With an FSA you’ll lose the funds you don’t use (minus the $550 you can roll over) before the next plan year. It’s important you take time when you enroll to consider your expected costs for the next plan year, set aside the appropriate amount of money in your FSA and submit your receipts for eligible expenses so you get reimbursed.

If you’re enrolled in an FSA now, learn as much as you can about eligible expenses and how to submit your receipts by March 31, 2024. If you’re not enrolled in an FSA, use this time to plan for the next enrollment period.