January 07, 2016

End of year tax guideline tips for all employees

Each year, a significant number of W-2 forms are returned to the Human Resource-Payroll Office due to incorrect addresses. Current and former employees, and retirees, are encouraged to maintain accurate addresses throughout the year. However, as we prepare for the mailing of important 2015 tax forms, it is especially important that addresses be current.

To easily confirm a mailing address, simply review your “Personal Information” via Human Resources’ Self Service. To update your address, simply click on the “Update” button located to the far right under the ‘mailing address’ section.  You may also use the address change form located on the Human Resources’ website.

Changes should occur no later than Jan. 15, 2016, to ensure all 2015 tax forms will be delivered to the correct address. 

W-2s will be available online using HRSS.  A paper form will also be mailed by Feb. 1, 2016.  Please visit the Human Resource webpage for updates. 

Form 1099-INT issued for Furlough Interest Payments

All current and former employees who received payment for furlough days taken in the 2011 fiscal year will also receive a Form 1099-INT for the interest payments received.  These forms are being mailed the week of Jan. 19. 

Affordable Care Act (ACA)

The ACA requires SIU Carbondale to offer health insurance coverage to full-time employees and their dependents. Further, the university must send an annual statement to all employees eligible for coverage describing the insurance available to them. The Internal Revenue Service (IRS) created Form 1095-C to serve as that statement. The form identifies:

  • The employee and the employer.
  • Which months during the year the employee was eligible for coverage.
  • The cost of the lowest monthly premium the employee could have paid under the plan.

Form 1095-C will be mailed by March 31, 2016, as required under the IRS regulations.   Form 1095-C will not be available online.  Employees do not need to wait until they receive a 1095-C form before they file their taxes. 

Form W-4 review time

It is time for employees to review their current Form W-4 (Employees Withholding Allowance Certificate) status for preferred changes in filing status and/or number of allowances needed for tax year 2016. In mid-February of each year, everyone with EXEMPT status will see the status expire, and IRS regulations require withholdings to be single and 0 if the exempt status is not renewed.  Employees may refile as EXEMPT via HRSS (www.hrss.siu.edu) or by using a W-4 Withholding Allowance form. The deadline for filing the form is Feb. 1, 2016.  All forms should be submitted to Human Resources, Mailcode 6520.   

IRS resource

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

For more information, contact Human Resources at 536-3369.