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End of year tax reminders

Man Filling out Tax Form --- Image by © Royalty-Free/Corbis

2016 Tax Forms:
Each year, a significant number of Form W-2s are returned to the Payroll Office due to incorrect addresses.  The University Payroll Office encourages all employees to maintain accurate addresses throughout the year.  However, as the 2016 calendar year concludes, it is especially important for tax purposes.

To easily confirm a mailing address, simply review it in upper-left corner of the pay advice located by logging into iPeople and selecting Self Service-Payroll & Compensation-View Paycheck. Employees may make address changes by following the instructions posted online.  Changes should occur no later than January 3, 2017, to be included in the 2016 Form W-2 processing.

Although W-2s will be available online, a paper form will also be mailed by January 31, 2017.  For certain foreign employees, the 2016 1042-S Forms (Foreign Person’s U.S. Source Income Subject to Withholding) will be mailed by March 15, 2017, as required under Internal Revenue Service regulations.  The University Payroll Office home page will be updated with a notice when the forms are mailed.

Form W-4 Notices:
Review time
It is time for employees to review their current Form W-4 (Employee’s Withholding Allowance Certificate) status for preferred changes in filing status and/or number of allowances needed for tax year 2017.  Current tax withholding elections may be easily viewed in the upper-right corner of the pay advice found in iPeople and selecting Self Service-Payroll & Compensation-View Paycheck.

Claimed tax exempt for 2016?
All employees who claimed total exemption from income tax withholding in 2016 must submit a new 2017 Form W-4 by February 15, 2017, to continue to claim exemption from withholding in the upcoming year.  After that date, Illinois State must begin withholding income tax if the 2017 Form W-4 is not submitted.

W-4 requirements for international employees
International nonresident employees must not fill out a new W-4 or make changes to an existing W-4 without guidance from a tax specialist in the Comptroller’s Accounting office.  If applicable, treaty benefits need to be renewed each calendar year.  For information on contacting or scheduling an appointment with a campus tax specialist, call (309) 438-3106 or e-mail bybanwa@ilstu.edu.

IRS resources
The IRS calculator may be helpful to employees making withholding decisions.