IRS information for employees
As required by IRS regulation, Illinois State University will mail 2009 Form W-2s by Jan. 31.
The Payroll Office requests that employees review their Federal Form W-4 and State Form IL-W-4 (Employee’s Withholding Allowance Certificates) status for potential changes to filing status and/or number of allowances needed for the tax year 2010.
Personal (marriage, divorce, birth or adoption of a child) and financial (purchase/sale of home, retirement, rent, dividends) changes in an employee’s life or changes in law can significantly change tax liability. To avoid being over or under withheld, employees should check their income tax withholding periodically.
Although employees may complete a new Form W-4 or Form IL-W-4 at any time during the year, the beginning of a new year offers the opportunity to help assure proper income tax withholding is occurring and to avoid potential interest and penalties associated with under-withholding and loss of access to money caused by over-withholding.
Employees should refer to the Internal Revenue Service Web site to determine whether their withholding is sufficient. If necessary, they should consult with a tax professional.
To complete a new Form W-4 or Form IL-W-4 for 2010, access the Federal Form W-4 or State Form IL-W-4 from the Payroll Office Web site, the IRS website, the Illinois Department of Revenue Web site or contact the Payroll Office.
University employees on an immigration status should not complete a new Form W-4 and Form IL-W-4 without guidance from Brenda Banwart, international tax specialist, 109 Hovey Hall, 438-3106.
Employees who were tax exempt for 2009 will be notified directly by a separate mailing of the renewal procedures for 2010. Employees who are eligible and wish to receive advance Earned Income Credit (EIC) payments for tax year 2010 must submit a new 2010 Form W-5.
The University will provide notification via the Payroll Web site when the IRS releases the 2010 W-4 (Employee's Withholding Allowance Certificate) and W-5 (Earned Income Credit Advance Payment Certificate).
Next article: Alumni Relations is 'Educating Illinois in Action' honor recipient
