Year-End Tax Forms FAQs
You received a W-2 for one of three reasons:
You received a W-2 for one of three reasons:
1) You retired from the university and are participating in the Early Incentive Retirement Program (EIR) and are receiving taxable retirement benefits.
2) You are receiving disability income and have life insurance coverage of more than $50,000. The university provides your life insurance coverage, and any coverage of more than $50,000 is reportable on a W-2.
3) There was an adjustment of a previous year’s income during 2020—for example, a retroactive correction of pretax benefits.
No. The IRS does not require these payments to be reported unless you are a nonresident alien. Nonresident alien scholarship/fellowship payments to F-1 and J-1 students are subject to 14% federal tax withholding (if not treaty covered) and are reported on Form 1042-S.
If you would like to verify the amount you received in scholarship/fellowship payments through the university’s payroll system, log in to Employee Self-Service, under Time & Pay, select Year-End Tax Information in the Taxes section and then select Fellowship Payments. Learn more about fellowship payments on the Payroll website.
If the overpayment was completely repaid in 2020, the W-2 is correct. If the overpayment has not been completely repaid, your W-2 does not reflect adjustments for the overpayment.
If the overpayment is repaid in a future year, you’ll receive a corrected 2020 W-2 with adjustments to Social Security and Medicare taxes (if applicable) and a receipt for the amount repaid. You’ll include the receipt with your tax return for the year in which you made the repayment.
Your retirement deduction is subject to Social Security and Medicare taxes, but not to federal and state income taxes. Or, you may be a student who is exempt from Social Security and Medicare taxes based on the number of course hours enrolled.
People who worked for two or more employers during the year may have had too much Social Security tax withheld. The limit for 2020 is $8,537.40. If your Social Security withholding is over this limit, you can request a refund on your personal income tax return.
There are limits on the amounts put into VRSPs. If you had two or more employers during the year, it is your responsibility to make sure not to exceed these limits as there could be potential tax consequences.
Visit www.irs.gov and refer to Notice 797 in the Forms and Publications section for information on EIC eligibility and claiming the credit.
The IRS matches your name and Social Security number to their database, but not your address. Use your current address on your personal income tax return.
If you worked an average of 30 hours per week or more, you’ll receive IRS Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, which includes information about health insurance offered to you by the university. Students and retirees who receive university health coverage, but are not UI employees, will receive IRS Form 1095-B, Health Coverage.
These forms are not required to complete your federal income tax, but you should keep them with your tax records. Contact University Benefits with any questions: 319-335-2676 or email@example.com.
No. Code DD amounts are for information only—they include total health insurance costs paid by you and by the university. These amounts are not included in other boxes on your W-2.
No. Included in Box 14, if applicable, are amounts paid to you as qualified sick leave wages or qualified family leave wages under the Families First Coronavirus Response Act. This required reporting provides employees who are also self-employed with information necessary for properly claiming qualified sick leave equivalent or qualified family leave equivalent credits under the Families First Act. If you have self-employment income, you should refer to the instructions for your individual income tax return for more information.
Yes. You can retrieve a copy of your W-2 from Employee Self Service after Jan. 31. You can access or print your W-2 as often as you like, and review tax forms from previous years. To access your year-end tax information, visit Employee Self Service|Time & Pay|Taxes|Year-end Tax Information
To receive future W-2 forms online, visit Employee Self Service|My Self Service|Settings|Form Delivery Options and choose all the forms you want to receive online. Online delivery is the fastest and most secure way to get your W-2 and other forms.
This form will be available on the Foreign National Information System (FNIS) by January 31 if you’ve selected online delivery of this form. You’ll receive an email notification once your 1042-S is posted. If you have not selected online delivery, we will mail you the form by January 31.
Form 1042-S reflects tax-treaty covered earnings and/or 14% taxable fellowship income received by F-1 and J-1 students. Not all non-U.S. citizens will receive a 1042-S form.
Income is taxed in the year it is paid, not the year it is earned. Any money you earned during 2019 but were paid in 2020 is taxable for 2020.
Certain items, including retirement contributions and out-of-pocket benefit costs, reduce your taxable income but not your budgeted salary.
No. You’ll receive a separate W-2 for disability income from Principal Life Insurance Company. This W-2 will include all taxable income received from Principal as disability payments. Questions regarding these W-2 forms should be directed to Principal at 515-248-2742.