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Payroll:  Year-End Tax Reporting (Forms W-2 and 1042S)

The Payroll Department distributes forms required at year-end for income tax reporting, specifically Forms W-2 and Forms 1042-S.

When will I receive my W-2 from SMU?

The W-2s will be available no later than January 31 (or the next weekday if Jan. 31 falls on a weekend), as required by the Internal Revenue Service.

 

Paper W-2s will be mailed no later than January 31 (or the next weekday if Jan. 31 falls on a weekend).

 

Electronic W-2s will be available online via Access.SMU approximately one week earlier than the paper forms will be mailed. See  Electronic_W2_FAQS  for more details.

 

Why do the year-to-date gross wages on my last December paycheck not match the Box 1 wages on my W-2?

Gross year-to-date wages on your paycheck includes all compensation paid to you. Box 1 on your W-2 reports taxable federal withholding wages, including:

 

 

Total Compensation

Plus (+)

Imputed Income

Less (-)

403(b) deductions [see below]

Less (-)

Other pre-tax deductions [see below]

  

What is included in Total Compensation?

Total Compensation is your base pay plus overtime, holiday, sick, vacation or other extra compensation included on your paycheck.

 

What is imputed income and how does it apply to me?

The IRS requires that certain benefits provided by SMU be reported as taxable compensation – such as taxable tuition benefits, certain types of moving expenses, and the value of employer-paid group term life insurance in excess of $50,000.

 

The IRS requires that some types of imputed income are also to be reported in Box 12. For example, the taxable  value of your SMU-paid group life insurance (also known as a type of “Imputed Income”) is reported in Box 12 as code C.

 

Taxable tuition (one type of imputed income included in Box 1 wages) is not reported separately in Box 12.

 

How are my 403(b) Retirement Plan contributions reported on the W-2?

Under IRS section 403(b), certain employee retirement deductions can be excluded from federal taxable wages. Pre-tax contributions to the SMU 403(b) Retirement Plan are excluded from federal taxable wages. Elective after-tax 403(b) contributions (Roth) are included in federal taxable wages.

 

·         Non-elective (mandatory) employee contributions to the SMU 403(b) Retirement Plan are reported in Box 14 as code M403B. Non-elective contributions apply to full-time employees age 36 or older (i.e., required to participate in the 403(b) Retirement Plan). Non-elective contributions are not subject to the IRS $17,500 ($23,000 if age 50+) annual contribution maximum.

 

·         Elective (voluntary) employee pre-tax 403(b) contributions are reported in Box 12, Code E.  Elective contributions include contributions to the 403(b) Retirement Plan for part-time employees, and for full-time employees who have not yet met the mandatory participation requirement (i.e., age 36 or older). 

 

o   All elective contributions are subject to the IRS $17,500 ($23,000 if age 50+) annual elective contribution maximum.

 

·         Elective employee after-tax 403(b) contributions (Roth) are reported in Box 12, Code BB.  All elective contributions are subject to the IRS $17,500 ($23,000 if age 50+) annual elective contribution maximum.

 

·         SMU matching contributions to the 403(b) Retirement Plan (8% or 10%, depending on your age) are not reported on the W-2.

 

What are “other pre-tax deductions?”

Under IRS regulations, certain types of employee deductions can be made on a pre-tax basis. At SMU, these deductions include:

·         Medical, dental, and vision insurance premiums

·         AD&D insurance premiums

·         Flexible spending account contributions (both Health Care and Dependent Care)

·         Health Savings Account contributions

·         Mandatory Emeriti account contributions

·         Parking

 

Why does the amount in Box 1 (federal taxable wages) not match Box 3 (Social security taxable wages) and/or Box 5 (Medicare taxable wages)? Why does the tax amount in Box 3 not match Box 5?

Each type of tax has a different definition for taxable wages:

 

Box 1 = Total Compensation + imputed income – 403(b) deductions – other pre-tax deductions. (No maximum)

 

Box 3 = Total Compensation + imputed income – other pre-tax deductions. (The 2013 maximum is $113,700.)

 

Box 5 = Total Compensation + imputed income – other pre-tax deductions. (No maximum)

 

Where are my Dependent Care FSA contributions shown on my W-2?

If you contributed to a Dependent Care FSA via payroll deductions, your contributions are reported in Box 10. Refer to the IRS website for the  Form 2441 Child and Dependent Care Expenses instructions and form. For additional assistance, contact your tax preparer or the IRS.

 

What do the codes in Boxes 12 and 14 mean?

The following codes may be reported on your W-2. Refer to the IRS publication for  W-2 Instructions for more details on Box 12 reporting requirements.

 

Box 12           C                     Taxable life insurance

                      E                     Elective 403(b) deferrals

                      G                     Elective 457(b) deferrals

                      P                     Excludable moving expenses

                      W                    HSA contributions

                      BB                   Roth contributions

                      CC                  HIRE Act exempt wages

                      DD                  Cost of Employer-Sponsored Health Coverage

(Informational only)

 

Box 14            M403B           Non-elective (“mandatory”) 403(b) deferrals

 

What do I do if my address is wrong on my W-2?

An incorrect address does not invalidate your W-2; you do not need a corrected W-2 for this in order to file your tax return.

 

However, it is important to maintain a valid address in SMU’s employee database for important communications that may be sent to you.  If you are an active SMU employee, you have the ability to verify and update your home and mailing addresses via Employee Self-Service on  Access.SMU. For instructions on how to update your personal information via employee self-service, refer to  Updating your Personal Info page.

 

If you no longer an active SMU employee but you still have an active 403(b) Retirement Plan account with SMU, please send an email with your full [legal] name, SMU ID number (or SSN), and new address information to  benefitsu@smu.edu.

 

How do I request a reprint of my W-2 because I did not receive it in the mail, lost it, or accidentally destroyed it?

If you are still employed by SMU, you may consent to receive your W-2 electronically via Access.SMU. As soon as you submit your consent, you will be able to print your W-2 yourself via Access.SMU Self Service. See  Electronic_W2_FAQS  for more details.

 

If you prefer to receive a paper W-2 reprint, submit a "W-2 Request" form. This form is available in the SMU Payroll Office (Expressway Tower Suite 203), or  click here to download the form online.

  

When can I ask for a reprint on my W-2?

You may submit your reprint request at any time. However, we will begin processing reprint requests on February 15 (or the next weekday day, if Feb. 15 falls on a weekend).

 

Who do I contact if I think my W-2 is wrong?

Submit a "W-2 Request Form" to the Payroll Office. These forms are available in the SMU Payroll Office (Expressway Tower, Suite 203). You may also  click here to obtain the form on-line. After your information has been reviewed, a payroll representative will contact you.

 

How soon can I submit the W-2 Request Form?

You may submit your reprint request at any time. However, we will begin processing the requests on February 15 (or the next weekday day, if Feb. 15 falls on a weekend).

 

I work on campus for Aramark. Who will issue my W-2?

Aramark issues your paychecks; therefore, Aramark is responsible for providing your Form W-2. All related questions should be directed to your Aramark representative.

 

Will I receive a Form W-2 and a Form 1042-S?

Possibly, if you are a foreign national who received different types of compensation from SMU that require both forms be filed. (See 1042-S section below.)

 

1042-S Frequently Asked Questions 

What is a Form 1042-S?

The Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, is issued to foreign nationals who receive reportable compensation from SMU.

 

When will I receive my Form 1042-S from SMU?

The 1042-S forms will be mailed no later than March 15 (or the next weekday if Mar. 15 falls on a weekend), as required by the Internal Revenue Service.

 

Will I receive a Form W-2 and a Form 1042-S?

Possibly, if you received different types of compensation from SMU that require both forms be filed.