Year End Tax Forms Frequently Asked Questions (FAQ)
If I received my 2008 W-2/1042-S by mail, can I get a copy of it off my self-service center on the web?
Yes, after January 31, 2009. You may print a copy from the web. In fact, we prefer that you print your copy from the web. 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!
Is it safe to access my W-2/1042-S on the web?
Yes. Your W-2/1042-S information is secure. Your information actually resides on the University of Iowa mainframe computer system.
I quit in December 2007 but I’m getting a 2008 W-2?
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 December 2007, it was paid to you in January 2008 and is taxable in 2008.
My annual budgeted salary does not equal the amount on my W-2?
Certain items (retirement contributions and out of pocket benefit costs) reduce taxable income, but not your budgeted salary.
Is my disability income included on my W-2?
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.
The University of Iowa didn’t pay me in 2008 but I received 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. Or, there may have been an adjustment of your previous years’ income that occurred in 2008. An example of an adjustment would be a retroactive correction of pretax benefits.
Does my W-2 include my Scholarship/Fellowship payments?
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 go to the U of I Self-Service Center and click on Year End Taxes.
I had more than one appointment with the University of Iowa but I only received one W-2?
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.
What does Box 13 “Retirement Plan” mean?
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 on your income tax return.
If I was notified that I was overpaid in 2008 is my W-2 correct?
If the overpayment was completely repaid in 2008, 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 2008 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.
When are you going to send me the tax forms and schedules that I need?
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 World Wide Web. The University of Iowa cannot advise you on how to complete or file your tax forms.
Why are my wages, tips, and other compensation different than my Social Security and Medicare wages?
Your retirement deduction is subject to Social Security taxes, however, it is not currently 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.
Is the “Imputed Income” indicated in Box 12 as Code C, “Cost of group-term life insurance coverage over $50,000” already included in Box 1 “Wages, tips, and other compensation?”
Yes, the imputed income is already included in Boxes 1, 3, 5, and 16.