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125 Plan Marathon Petroleum 125 Unamended and Restated Effective as of January 1, 2017125 Plan Tables of Contents I. Purpose and Benefits Offered................................................................................................................................

How to fill out 125 plan

How to fill out a 125 plan?

1. Gather necessary information: Start by collecting all the required information you will need to fill out the 125 plan. This may include details about your employer's benefit offerings, the specific plan you are enrolling in, and any applicable documentation such as proofs of eligibility.
2. Understand the plan options: Familiarize yourself with the different options available within the 125 plan. This can include flexible spending accounts (FSAs) for medical, dependent care, or transportation expenses. Gain a clear understanding of the contribution limits, eligible expenses, and any restrictions or rules associated with each option.
3. Evaluate your needs: Assess your personal financial situation and needs to determine which components of the 125 plan are most relevant to you. Consider factors such as anticipated medical expenses, childcare costs, commuting expenses, and any other eligible expenses that may apply to your circumstances.
4. Consult HR or benefits administrator: If you have any doubts or questions about filling out the 125 plan, it's always a good idea to reach out to your human resources department or benefits administrator. They can provide guidance and clarification on any aspects of the plan that may be unclear to you.
5. Complete enrollment forms: Once you have gathered all the necessary information and made your decisions on which components of the 125 plan to enroll in, carefully fill out the enrollment forms provided by your employer. Ensure you provide accurate and up-to-date information to avoid any issues in the future.
6. Review and sign the forms: Before submitting your completed enrollment forms, carefully review all the information you have provided. Double-check for any errors, and ensure you have signed and dated the forms where required. Keep a copy of the forms for your records.

Who needs a 125 plan?

1. Employees with eligible expenses: A 125 plan can be beneficial for employees who have anticipated eligible expenses, such as medical or dependent care costs. By enrolling in a 125 plan, they can use pre-tax dollars to pay for these expenses, potentially saving money on taxes.
2. Individuals with predictable expenses: If you have predictable costs for medical care, childcare, or commuting, a 125 plan can help you set aside funds in a tax-advantaged way. This allows you to allocate pre-tax dollars towards these expenses, potentially reducing your overall tax burden.
3. Those looking for tax savings: One of the main advantages of a 125 plan is the potential tax savings it offers. By using pre-tax dollars to pay for eligible expenses, employees can decrease their taxable income, potentially resulting in a lower overall tax liability.
4. Employees seeking financial flexibility: 125 plans, such as FSAs, allow employees to set aside funds for eligible expenses before they are taxed. This can provide individuals with greater financial flexibility and peace of mind, knowing that funds are available for designated expenses.
5. Those with employer-offered plans: Many employers offer 125 plans as part of their benefits package. If your employer provides this option, it is worth considering whether it aligns with your financial goals and needs. Take advantage of any informational sessions or materials provided to gain a clear understanding of the plan's offerings and benefits.

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What is 125 plan?

A 125 plan is an employer-sponsored benefits plan that allows employees to pay for certain qualified expenses on a pre-tax basis.

Who is required to file 125 plan?

Employers who offer a 125 plan to their employees are required to file the plan.

How to fill out 125 plan?

To fill out a 125 plan, employers must gather information on eligible benefits, contribution limits, and employee elections.

What is the purpose of 125 plan?

The purpose of a 125 plan is to save employees money on taxes by allowing them to pay for certain benefits with pre-tax dollars.

What information must be reported on 125 plan?

Information such as employee elections, contribution limits, and eligible benefits must be reported on a 125 plan.