If you are currently working on making some healthy changes in your life, and hit a snag along the way, try not to over-react. Take it for what it is - a normal, isolated incident. Examine the situation - what were the circumstances surrounding your lapse?
Were you sick? Busy with work? Relatives in town? On vacation? Did a blizzard blow through town?
Recognize that lapses will happen - try to learn something positive from each lapse, and use what you learn to develop mini-strategies for avoiding relapse in the future.
2014 Health/Dependent Care FSA Claim Submission Deadline: March 31, 2015
March 31, 2015 is the deadline to submit your eligible expenses incurred January 1, 2014 through December 31, 2014. General and Limited Purpose Healthcare FSA participants may benefit from the "Carryover" provision, as unused funds up to $500 may be used for future eligible expenses. NOTE: The "Carryover" provision does not apply to the Dependent Care FSA - "Use It or Lose It" rules apply.
New 2014 Tax Requirement: Effective January 1, 2014, Health Care Reform law requires you to purchase health insurance for yourself and eligible dependents. If you did not elect health coverage offered by Oracle, and do not have other coverage, you will be subject to a federal tax penalty. (Some exemptions apply).
Verifying Coverage: Your health plan coverage is verified by the Internal Revenue Service (IRS) when you file your personal federal income taxes. If you and all of your eligible dependents had coverage for each month of the tax year, you will indicate this on your 2014 tax return simply by checking Box 61 on your Form 1040, 1040A, or 1040EZ.
Reminder: Oracle is required to report the value of your employer (Oracle)-sponsored health coverage on your 2014 W-2 each year. The cost is calculated each month based on the plan and coverage tier you have elected. The COBRA monthly premium (net of the 2% administrative fee) is the monthly value used - and the total cost for the year is reported. Oracle Payroll reports the cost on your W-2 (Box 12 with a code DD). This provision does NOT impact your income tax return - it is for reporting purposes only.
401(k) Plan - Did You Exceed the Contribution Limit?
In 2014, the maximum amount that you may defer to any and all 401(k) plans was limited to $17,500. If you were age 50+ as of December 31, 2014 the maximum allowable amount was $23,000.
The amount you contributed to the plan is reported on your W2 in Box 12 (code D - for traditional pre-tax and code AA for Roth 401(k)). Employer contributions such as the Oracle match are not subject to this limit, and are not conveyed on your W-2s.
If, having reviewed your W-2s from ALL employers in 2014, you feel you have exceeded your personal limit, please contact Don Reich (Oracle’s 401(k) and Deferred Compensation Plan Manager) at email@example.com or 719-757-4132. The deadline for any refund of excess deferrals is April 15, 2015. Keep in mind that any refund will take approximately one week to process so please make your request as early as possible. Visit the Oracle US Benefits Website for more information about the 401(k) Plan.
Notice of Privacy Practices The Notice of Privacy Practices contains information regarding the policies and procedures regarding HIPAA data privacy that apply with respect to the Oracle America, Inc. Flexible Benefit Plan.
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