Employees often ask what amounts are reported on a form W-2 and why the amounts on their pay advices are different from amounts on their form W-2.
Illinois State University has elected to report the FFCRA sick pay and paid family leave amount in box 14 (Other).
2020 form W-2s are available through My.IllinoisState beginning Monday, January 18.
If you are eligible to receive form 1098-T (Tuition Statement) your 2020 form 1098-T will be available by January 31.
The Families First Coronavirus Response Act (FFCRA) required that qualifying employers provide paid sick and family leave to eligible employees between April 1, 2020 and December 31, 2020. Under the FFCRA, employees could receive paid leave in the following situations: Ten days of paid sick leave at the employee’s regular rate of pay: Employees who
If an employee has an amount reported in box 12 of their Form W-2 (Code W) for employer contributions to your health savings account (including contributions through a cafeteria plan), then the employee should complete IRS form 8889 Health Savings Account.
2020 form W-2s will be distributed by February 1, and 2020 form 1095-Cs will be distributed by March 2. Electronic versions of these forms are available through My.IllinoisState.edu.
Starting in 2021, employers may truncate taxpayer identification numbers (TINs) on form W-2s distributed to employees.
Per Internal Revenue Service (IRS) guidance, forms 1095-B and 1095-C are for record keeping purposes only and are not required to be filed with an individual’s 2020 tax return. Currently, the forms will be mailed or electronically distributed by March 2, per IRS requirements.
Illinois State University employees may be eligible for the federal Earned Income Credit (EIC). It is a benefit for working individuals with low to moderate income. To qualify, individuals must meet certain requirements and file a tax return, even if individuals do not owe any tax or are not required to file. The EIC reduces