FAQ’s related to reissued 2012 W2’s at Governors State University
To provide information to our employees Governors State University has developed this FAQ, which answers questions we have received about the Wage and Tax Statements, [W-2 forms] for Tax Year 2012. The University cannot provide tax advice to you on your own tax returns. It is recommended that you consult a qualified tax advisor or the IRS with specific questions about your individual situation. The answers provided here pertain solely to re-issued 2012 W2s from Governors State University and not your specific individual tax return.
As you know all GSU employees were notified that some of the Wage and Tax Statements [Form W-2] issued at the end of January, 2013 contained inaccuracies in some of the wage or tax categories on the form. Since these errors were found, GSU has carefully reviewed and updated those W2s that were inaccurate. As a result new W-2 forms were uploaded to the portal on March 4, 2013 and are scheduled to be mailed to all employees on March 5, 2013. Many of you will notice no change in the new W-2s that you receive. Others will notice some changes in certain boxes reported on the W-2.
Q: If there is a change in my W-2 which boxes of the W-2 will show a change?
A: Changes would more than likely occur in the following boxes:
- 1 – “Wages, tips, other compensation”
- 5 – “Medicare wages and tips”
- 6 – “Medicare tax withheld”
- 16 – “State wages, tips, etc.”
- 12C – Taxable cost of group term life insurance over $50,000
Q: Why did these errors occur?
A: There was a calculation error in the taxable cost of the group term life Insurance over $50,000.
Q: Have all problems with the Tax Year 2012 W-2s for GSU employees now been resolved?
A: We believe that all of the W2’s are correct at this time.
Q: What should I do if there is a difference between the W-2 I received in January and the W-2 issued in March and I have already filed my 2012 tax returns and/or have received my refund(s)?
A: We recognize that some members of the GSU community may have filed their taxes when their W2 was issued on January 31, 2013. We apologize for any inconvenience or confusion this may have caused some employees. If this is your situation and you have concerns please check with your tax preparer or call the IRS Hotline at: 800-829-1040 or visit http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/IRS-Hotlines-and-Toll-Free-Numbers to receive further instruction.
Q: Who will cover any costs I may incur if I update my 2012 tax return with the re-issued W2?
A: GSU cannot pay for or reimburse any such costs.
Q: Do I need to amend my 2012 tax return? Will I be in trouble with the IRS because of a re-issued W-2 form from my employer? Will I be audited because of a re-issued W-2 form from my employer?
A: Employees should consult their tax advisor and or the IRS with any questions related to your individual 2012 tax return.
Q: Have the W2 forms been submitted to the IRS?
A: No, GSU submits the electronic forms to the IRS. They are due by March 31, 2013.
Q: What other steps should I take?
A: We recommend that you retain all copies of the W2s issued to you and communications about the 2012 re-issued W2s. The Governors State University payroll department will also retain
copies of the communications as well as your W2s.
Q: Why do my wages (wording) from my last pay advice not match those in box 1 on my W2 “Wages, tips, other compensation”?
A: Box 1 – “Wages, tips, other compensation” reduces your total wages on your final pay advice by: SURS, tax shelters, and medical and dental insurance. Then you add back the taxable cost of any group term life insurance over $50,000.
Q: What if my Box 6 – “Medicare tax withheld” does not match the amount withheld on my final pay advice? ”?
A: If your medicare tax withheld on your W2 is less than what in on your last pay advice, GSU will refund you the over withheld amount. If the W2 amount is more than the amount on your last pay advice, GSU will withhold that amount from a future pay period. We will advise you of the amount prior to the recapture date.
Q: Who should I contact at GSU if I have additional questions about my W2?
A: You may contact the GSU W2 Help Line: (708)235-7628 Monday through Friday from 8:30 a.m. till 5:00 p.m.