HR Home | Employee Self Service | UI Search A-Z

 

Payroll Tax Information

Year End Tax Forms Frequently Asked Questions (FAQ)

Is code DD in Box 12 taxable?

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.

If I received my 2012 W-2 by mail, can I get a copy of it off my self-service center on the web?

Yes, after January 31 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!

I am a non U.S. citizen, how do I receive my 1042-S form?

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 coverd and/or the 14% tax withholding on your fellowship.  Not all non U.S. citizens will have a 1042-2 form.

Why am I getting a 2012 W-2 if I left the University in 2011?

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 2011, it was paid to you in January 2012 and is taxable in 2012.

Why doesn't my annual budgeted salary 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 2012 so why have I received a W-2?

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 2012.  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 View Year End Tax Information and then Fellowship Payments.  You can read more about fellowship payments on the payroll website.

I had more than one appointment with the University of Iowa, shouldn't I receive more than one W-2?

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.

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 2012 is my W-2 correct?

If the overpayment was completely repaid in 2012, 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 2012 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. 

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.

Why are my wages, tips, and other compensation different from my Iowa State wages?

If you receive same-sex marriage benefits, those benefits are subject to Federal taxes but exempt from Iowa State taxes.  The amount of these benefits are listed in Box 14.  Please refer to the Iowa Income Tax Return instructions, or your tax advisor, on how these wages and benefits are to be reported on your personal Iowa Income Tax Return.

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.

How do I get a refund of the Social Security tax withholding over the limit?

People that have worked for two or more employers in 2012 may have had too much Social Security tax withholding.  The limit for 2012 is $4,624.20.  If your Social Security tax withholding is over this amount, you can request a refund on your personal tax return.

What if I have had too much money put into a VRSP?

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 2012, it is their responsibility to make sure that they do not go over the VRSP limits.

If I am eligible for the Earned Income Credit (EIC), how do I claim this credit?

Please refer to the IRS Notice 797 for information on eligibility and claiming the credit.

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.