There are a few different variables for time reporting this pay period. Hopefully this information will help you complete your HR Direct timesheet correctly.
W-2 Information for 2014
W-2 Year End Forms for 2014 have been mailed to addresses on file within HR Direct. W-2’s are also now available for employees in HR Direct under Self Service > Payroll and Compensation.
IMPORTANT: It is highly recommended that employees review the additional information available on the UMass W-2 Information link, available below and in Self Service for a more detailed explanation of 2014 tax reporting and codes used on the W-2 form.
Pay very close attention to State Retirement Plan Contributions (Box 14Y on Form W-2) as these are not tax-deferred for state income tax purposes. However, the Plan Administrator’s understanding is that the first $2,000 of your (annual) Plan Contributions are deductible on your state tax return. This deduction is calculated automatically throughout the calendar year, however many tax software programs do not automatically recognize the code 14Y in this way.
For more information regarding this please refer to the Retirement 2000 section at the link below.
Please contact your personal tax advisor, for additional assistance with this issue.