Requesting a Corrected W-2 for a State Employee Oregon Statewide Payroll Services.

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Presentation transcript:

Requesting a Corrected W-2 for a State Employee Oregon Statewide Payroll Services

Last revised 11/22/2010 CorrectedW-2_ ppt2 Topics Why request a corrected W-2 (W-2c) When to request a corrected W-2 (W-2c) How to request a corrected W-2 (W-2c)

Last revised 11/22/2010 CorrectedW-2_ ppt3 Overview Payroll has a fiduciary responsibility to process and report correct wage and tax information for employees OSPS: Submits the tax payments Reconciles and reports quarterly and annual payroll taxes to DOR, IRS & SSA Form W-2c is a tool to assist in maintaining correct payroll data for employees

Last revised 11/22/2010 CorrectedW-2_ ppt4 Why request W-2c Employee’s wage and tax information for a prior tax year is incorrect Incorrect SSN used on W-2 Incorrect name or spelling of name Overpayment of wages in prior year repaid

Last revised 11/22/2010 CorrectedW-2_ ppt5 Why request W-2c Cont’d Taxable income reported as non-taxable or non-taxable report as taxable Employee redeems year end paycheck early – i.e. check dated for 2011 redeemed in 2010 System error in reporting wages and tax on W-2

Last revised 11/22/2010 CorrectedW-2_ ppt6 When to request a W-2c As soon as you know the W-2 is incorrect and you have verified the correct amounts Example: request a corrected W-2 when: An employee was overpaid for a prior tax year The employee has repaid the agency

Last revised 11/22/2010 CorrectedW-2_ ppt7 How to request a W-2c Request for Corrected W-2 (W-2c) Form OSPS web site: Services, Corrected W-2’s Tools: Employee’s original W-2 Copies of method of payment for return of overpayment Pay register showing incorrect wage

Last revised 11/22/2010 CorrectedW-2_ ppt8 Get More Information IRS Web Site ( IRS Publication 15, Circular E, Employer’s Tax Guide OSPS web site: Services, Corrected W-2’s Reference Manual, Recommended Practices, Taxes, Corrected W-2 OSPS Staff

Last revised 11/22/2010 CorrectedW-2_ ppt9 Summary Request W2c when you discover incorrect wage and tax information Verify and document correct data Submit request for corrected W-2 to OSPS Accountant for processing and filing to all necessary tax entities Questions

Last revised 11/22/2010 CorrectedW-2_ ppt10 Example One Incorrect Social Security Number

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Last revised 11/22/2010 CorrectedW-2_ ppt13 Example Two Dependent Care Flexible Spending Account Refund

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Last revised 11/22/2010 CorrectedW-2_ ppt17 Example Three Late Entry of DPT P050 Adjustment

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Last revised 11/22/2010 CorrectedW-2_ ppt21 Example Four Housing Allowance Taxed Incorrectly

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Last revised 11/22/2010 CorrectedW-2_ ppt25 Example Five System Entries Incorrect

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Last revised 11/22/2010 CorrectedW-2_ ppt31 Example Six Employee Cashed December Check Early (Two Corrected W-2’s)

Last revised 11/22/2010 CorrectedW-2_ ppt32 Increase Taxable Income Year Cashed

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Last revised 11/22/2010 CorrectedW-2_ ppt37 Decrease Taxable Income Following Year

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Last revised 11/22/2010 CorrectedW-2_ ppt42 Example 8.a Overpayment Repaid Over Three Years – W-2c after Each Year

Last revised 11/22/2010 CorrectedW-2_ ppt43 Circumstances Employee worked for two agencies Year of overpayment (2005) - Repaid $300 Year 2 (2006) - Repaid $1,800 Year 3 (2007) - Repaid $ (not shown)

Last revised 11/22/2010 CorrectedW-2_ ppt44 W-2c Each Year Year 1 – Reduce taxable income, social security, and Medicare subject for 2005 Year 2 – Reduce social security and Medicare subject for 2005 for amount repaid Year 3 – Reduce social security and Medicare subject for 2005 for amount repaid

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Last revised 11/22/2010 CorrectedW-2_ ppt52 Example 8.b Same Employee, Only One W-2c after Final Repayment

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Last revised 11/22/2010 CorrectedW-2_ ppt56 Example Nine Year-end Overpayment

Last revised 11/22/2010 CorrectedW-2_ ppt57 Circumstances Not repaid by December run 1 Hours backed out in December run 2 Two corrected W-2’s for year of overpayment

Last revised 11/22/2010 CorrectedW-2_ ppt58 Actions: Fix before year-end close Back-out entries that caused negative before December run 2 or make an adjustment on the P050. Or Reimburse OSPS with Return of Overpayment form Set up A/R for gross amount minus social security and Medicare taxes Make PANN entry for employee to repay agency

Last revised 11/22/2010 CorrectedW-2_ ppt59 Specifics of Example Employee has zero hours for December Hours backed out for November run wages were understated W-2c to put back wages paid in nd W-2c when repaid 2011 has negative

Last revised 11/22/2010 CorrectedW-2_ ppt60 Year One Increase W-2 Wages (+$755.86)

Last revised 11/22/2010 CorrectedW-2_ ppt61

Last revised 11/22/2010 CorrectedW-2_ ppt62 Overpayment spreadsheet to use when setting up A/R

Last revised 11/22/2010 CorrectedW-2_ ppt63 On November Run 2, hours were backed out causing overpayment. Overpayment crossed tax year and was not paid by December Run 1. November hours paid in 2009 is 2009 wage, therefore needs to be added to 2009 wage.

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Last revised 11/22/2010 CorrectedW-2_ ppt65

Last revised 11/22/2010 CorrectedW-2_ ppt66 Year Two Reduce W-2 Social Security and Medicare wages When Repaid (-$755.86)

Last revised 11/22/2010 CorrectedW-2_ ppt67 Year 2: Repaid

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Last revised 11/22/2010 CorrectedW-2_ ppt70 Example 10 Year-end Overpayment, Hours Put Back Before Year-end

Last revised 11/22/2010 CorrectedW-2_ ppt71 Details Overpayment not repaid by Dec. run 1 Hours backed out for Dec. run 2 Hours put back for Nov. so 2006 is correct P050 or time screen entry Nov. corrective set Nov. P010 check dates Set-up A/R and make P070 PANN entries W-2c when repaid to recover FICA

Last revised 11/22/2010 CorrectedW-2_ ppt72

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Last revised 11/22/2010 CorrectedW-2_ ppt75 Employee paid back overpayment. Do Corrected W-2. It is best to request copy of original W-2.

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Last revised 11/22/2010 CorrectedW-2_ ppt78 Questions?