Year End Tax Reporting
The Payroll Office distributes forms required at the end of each calendar year for income tax reporting, specifically Forms W-2 and Forms 1042-S. Please contact the Payroll Office with questions that are not addressed below.
The Payroll Office distributes forms required at the end of each calendar year for income tax reporting, specifically Forms W-2 and Forms 1042-S. Please contact the Payroll Office with questions that are not addressed below.
The W-2s will be distributed no later than January 31 (or the next weekday if January 31 falls on a weekend), as required by the Internal Revenue Service.
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
Less (-) Other pre-tax deductions
Total Compensation is your base pay plus overtime, paid holidays, paid medical leave, paid vacation time, and other extra compensation included on your paycheck.
The IRS requires that certain benefits provided by SMU be reported as taxable compensation – such as taxable tuition benefits, 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-term life insurance 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.
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.
Under IRS regulations, certain types of employee deductions can be made on a pre-tax basis. At SMU, these deductions include:
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. (Click here to see the maximum wages for the current and previous years.)
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.
The following codes may be reported on your W-2. Refer to the IRS W-2 Instructions for more details on Box 12 reporting requirements.
Box 12 |
|
|
C |
Taxable group-term 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 |
SMU will issue your W-2 as a paper document and mail it to you via the United States Postal Service, unless you have consented to receive your W-2 electronically through my.SMU.edu.
If you are an active SMU employee and you need a copy of your Form W-2, you must consent to receive it electronically. When you submit your consent via Employee Self Service in my.SMU.edu, you will have immediate access to any Form W-2 issued to you by SMU for the tax years 2011 and later.
The Payroll Office will only print copies of Forms W-2 for individuals who no longer have SMU network access to obtain the form electronically.
If you are a former employee and no longer have SMU network access, you should submit a "W-2 Request" form to have your Form W-2 reprinted. This request form is available in the Payroll Office (Expressway Tower Suite 203), or click here to download the form online.Your request may be submitted at any time. However, we will begin processing reprint requests for individuals who no longer have SMU network access on February 15 (or the next weekday day, if Feb. 15 falls on a weekend).
Submit a "W-2 Request Form" to the Payroll Office if you think your recently issued Form W-2 should be reviewed or corrected. Instructions for submitting your request are on the form. A payroll representative will contact you once your request and relevant payroll records have been reviewed.
Your request may be submitted 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).
If Aramark or Kelly Services issues your paychecks, they are responsible for providing your Form W-2. All related questions should be directed to your Aramark or Kelly Services representative. If you were employed by Aramark or Kelly Services for part of the year and SMU for part of the year, you will receive W-2s from each organization.
Possibly, if you are a foreign national and received different types of compensation from SMU that require both forms be filed. (See 1042-S section below)
The Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, is issued to foreign nationals and foreign entities with reportable compensation from SMU.
The 1042-S forms will be mailed no later than March 15 (or the next weekday if March 15 falls on a weekend), as required by the Internal Revenue Service.
Possibly, if you received different types of compensation from SMU that require both forms to be filed.