Payroll Calendar Year-End Processing for 2002

John P. Kruczek, University Controller

The Bureau of State Payrolls (BOSP) has advised agencies of key dates for the 2002 calendar year-end. An early review of your Pay Lists on December 23, 2001 for the December 28, 2001 pay date is critical due to holiday processing deadlines and calendar year-end. The following is additional information your payroll staff should be aware of:

Employee Earnings Adjustments
All adjustments made to 2002 earnings or taxes between January 6, 2003 and January 8, 2003 will have the message “Employee: Please Hold for W-2c” printed on the W-2. This message means the employee is to be given the original W-2 form, but should refrain from filing a tax return until the Form W-2c is received. Both the W-2 and W-2c are filed with the tax return.

Adjustments submitted after January 8, 2003 will generate a W-2c, Corrected Wage and Tax Statement. However, the original 2002 Form W-2 will not display the message indicating that a corrected W-2 (W-2c) is in process and warning the employee to delay filing their personal tax return. Please advise your employees if an adjustment is requested after this date.

Employee Refunds Resulting From Wage Overpayments
Employee refunds for any overpayments received during calendar year 2002 must be received in the Payroll Services Office by December 17, 2002, to be processed as a 2002 transaction. Salary refunds received after this date may generate a Form W-2c. This is required since the Internal Revenue Service will not refund federal income taxes withheld from a prior calendar year. Refund payments collected after December 31, 2002, require the employee to reimburse the net wage amount plus Federal Income taxes withheld.

EFT and Warrant Cancellations
All requests for EFT and Warrant Cancellations for the December 27, 2002 pay date must be received in the Payroll Services Office by December 23, 2002. Requests received after this date will generate a W-2c.

Forms W-2 and 1042s Distribution
The Bureau of State Payrolls will distribute Original Forms W-2 to the University of Florida by January 17, 2002. As soon as the W-2’s are sorted, Dean’s Offices and departments will be called to pick-up the forms to distribute them to current and terminated employees. The Payroll Services Office will provide mailing envelopes. Return mail should be sent to the Payroll Services Office for redistribution should the employee make an inquiry. Original Forms 1042s for nonresident aliens will be distributed by March 7, 2002.

Should you have any questions, please call 392-1231 or email your inquiries or requests to Donna McClure dmclure@ufl.edu; Greg McEachern gmc1@ufl.edu; or Steve Sauls, ssauls@ufl.edu. Updates to any new information will be posted on the Payroll Internet Page: http://www.admin.ufl.edu/division/fa/payroll/payroll.htm