No. This new reporting requirement is for information purposes only and is to inform employees of the cost of their health care coverage. This amount includes both the employee and employer costs for health care coverage. This amount is NOT included in any other boxes on the W-2.
Yes, after January 31, 2014, you may print a copy from the self-service site. In fact, we prefer that you retrieve your copy electronically. You may access your information and/or print it as many times as you want. Prior year tax forms are also available on the self-service site. Remember to select “Stop Delivery” for future years! Remember that the W-2 can only be accessed from a computer that is connected to the campus network.
This form will be available on the Foreign National Information System (FNIS) by January 31 if you have elected electronic delivery of this form. You will receive an email notification as soon as your 1042-S form is posted. If you did not elect electronic delivery, this form will be mailed via U.S. mail by January 31. The 1042-S form(s) reflect the amount of earnings that were tax treaty covered and/or the 14% tax withholding on your fellowship. Not all non U.S. citizens will have a 1042-S form.
Income is taxable in the year that it is paid, not the year in which it is earned. Therefore, even though you earned the money in 2012, it was paid to you in 2013 and is taxable in 2013.
Certain items (retirement contributions and out of pocket benefit costs) reduce taxable income, but not your budgeted salary.
No. You will receive a separate W-2 from Principal Life Insurance Company. This W-2 will include all your taxable disability income received from Principal Life Insurance as disability payments. Any questions regarding these W-2’s should be directed to Principal Life Insurance Company in Des Moines at (515) 248-4742.
There are three instances in which you may receive a W-2:
If you are retired from the University and are participating in the Early Incentive Retirement Program (EIR) you may be receiving some taxable retirement benefits.
If you are receiving disability income and also have life insurance coverage over $50,000. The University of Iowa provides that insurance and the imputed amount over $50,000 is reportable on a W-2.
If there was an adjustment of your previous years’ income that occurred in 2013. An example of an adjustment would be a retroactive correction of pretax benefits.
No, the IRS does not require the University to report these payments unless you are a nonresident alien. Nonresident alien scholarship/fellowship payments require 14% federal tax withholding (if not treaty covered) and are reported to you on Form 1042-S. If you would like to verify the amount you received in Scholarship/Fellowship payments, please select View Year End Tax Information and then Fellowship Payments on your self-service site. Review the fellowship payment rules for additional information.
No. The University of Iowa is one employer. You should receive only one W-2 from the University for all your combined income. Nonresident aliens may (in addition) receive one or more 1042-S forms depending on the types of income earned.
If you participated in a University of Iowa retirement program the Retirement box should say “yes”. The IRS uses this information to determine if you are eligible for an IRA deduction on your income tax return.
If the overpayment was completely repaid in 2013, the W-2 is correct. If the overpayment has not been completely repaid, then the W-2 does not reflect any adjustments for the overpayment. If the overpayment is repaid in a future year, a corrected 2013 W-2 will be issued with adjustments for Social Security and Medicare taxes (if appropriate) and a receipt will be issued for the amount repaid. This receipt will need to be included with your personal tax return for the year in which the repayment is made.
Your retirement deduction is subject to Social Security taxes; however, it is not subject to federal and state income taxes. Or you may be a student who qualifies to be exempt from Social Security and Medicare wages based on the number of course hours you are enrolled in during each semester.
Yes, the imputed income is already included in Boxes 1, 3, 5, and 16.
People that have worked for two or more employers in 2013 may have had too much Social Security tax withholding. The limit for 2013 is $7,049.40. If you Social Security tax withholding is over this amount, you can request a refund on your personal income tax return.
There are limits on the amounts that can be put into a VRSP (Voluntary Retirement Savings Program). If a person has had two or more employers in 2013, it is their responsibility to make sure that they do not go over the VRSP limits.
Please refer Notice 797 on the forms and publications section on the IRS site for information on eligibility and claiming the credit.
The University of Iowa reports your income to you on either a W-2 or 1042-S or both. The University of Iowa does not supply other forms needed to prepare your income tax returns. The forms and instructions are available at the public library, the IRS, and the Web. The University of Iowa CANNOT advise you on how to complete or file your tax forms.
Yes, all the adjustments for the calendar year 2013 have been done and are correctly reflected on your 2013 W-2. We are in the process of gathering the data for adjustments needed for calendar years 2010 thru 2012. The corrected W-2(s) for these previous years will be sent when they become available.