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.

W-2 Frequently Asked Questions

The W-2s will be distributed no later than January 31 (or the next weekday if Jan. 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

Plus (+) Imputed Income
Less (-) 403(b) deductions

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. 

  • 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 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 by (1) part-time employees, (2) full-time employees who have not yet met the mandatory participation requirement (i.e., age 36 or older), and (3) full-time employees age 36 or older who are contributing in excess of the mandatory 5%. 
  • All elective contributions are subject to the IRS 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 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.

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 ("FSA") contributions (both Health Care and Dependent Care)
  • Health Savings Account ("HSA") contributions
  • Mandatory Emeriti Health Account contributions
  • Parking and DART 

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 to request a review of your W-2 information. These forms are available in the 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.

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 our 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 my.SMU.edu. For instructions on how to update your personal information via Employee Self Service, refer to Updating your Personal Information page.
 
If you are no longer an active SMU employee but you still have an active 403(b) retirement account with SMU, please send an email with your full [legal] name, SMU ID number, and new address to benefitsu@smu.edu.

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 who receive reportable compensation 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.

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