Are you maximizing your tax-deferring opportunities?

As tax season approaches, now is a great time to do a financial check-up to ensure you are taking advantage of the tax-deferring opportunities available to you.

“Anything you can do to tax-defer helps stretch your dollar,” said Shannon Edwards, UFHR Benefits director. “The first thing I tell people who come to me for savings advice is to do a financial check-up at the beginning of each year to ensure they are taking advantage of every opportunity.”

As a UF employee, you have a few ways to tax-defer your earnings.

Check your Form W-4

Many of us complete Form W-4 when we are hired and never go back to make any adjustments to account for how our lives might have changed. When you get married, have a child or your children become independent, for example, you may want to adjust your Form W-4 elections which drive the amount of federal withholding taxes you have deducted from your paychecks. Claimed dependents or other tax credits will usually result in less tax being withheld. Conversely, claimed other income, fewer dependents, or additional withholding will usually result in more tax being withheld.

In order to check your current Form W-4 elections, log in to myUFL and navigate to Main Menu > My Self Service > Payroll and Compensation > W-4 tax information. You can make updates to your W-4 anytime your tax situation changes and you choose to have more or less tax withheld.

Maximize your retirement contributions

UF faculty and staff are fortunate to have two tax-deferred voluntary retirement savings plans available to them. You might want to consider contributing additional money into a 403(b) plan administered by Fidelity Investments and/or a 457(b) deferred compensation plan administered by the State of Florida. Additionally, an After-Tax Roth UF 403(b) plan is available, offering participants the ability to pay taxes as contributions are made and to take tax-free qualified distributions.

During calendar year 2022, employees may tax defer up to $20,500, or $27,000 if over the age of 50, into these voluntary retirement plans. Enrollment in the voluntary plans can occur throughout the year, and more information can be found in this UF at Work article.

HDHP participants: Contribute to a health savings account

If you are currently enrolled in the State of Florida’s High Deductible Health Plan (HDHP), make sure you are taking advantage of contributing into a health savings account. Employees enrolled in the HDHP receive monthly contributions from the state into their HSA — $41.66 per month for individual coverage and $83.33 per month for family coverage.

However, enrollees also are able to contribute additional money into these accounts. Not only is this a great way to save for your qualified medical expenses, this amount is withheld on a pre-tax basis and rolls over year after year. There is even the option to invest these funds into self-directed mutual fund investments. If you are not currently contributing into your HSA or you want to change your amount, the IRS allows you to do this at any time during the year, unlike flexible spending accounts. In order to make a change, call the State of Florida’s People First Service Center at 866-663-4735.


If you have questions about these options or would like more information, you contact the Benefits Department at Please note that members of the benefits team are not able to provide any financial or investment advice.