As we approach the end of one year and the beginning of a new one, some important reminders may help you prepare for the tax-reporting season:
Consent to Electronic W-2 or Verify Your Address for W-2 Mailing
ISU employees may consent to receive their IRS Form W-2, Wage and Tax Statement in electronic form only by going to the ISU Portal. Instructions are located on the Payroll website under the “Electronic W-2” button: https://www.indstate.edu/payroll/forms. Consent must be given by January 12, 2023. Otherwise, Form W-2 will be mailed in late January to the mailing address of each ISU employee who has not consented to the electronic form. Your mailing address is displayed in the ISU Portal under Employee Services within the My Profile section. If your address is incorrect or is missing, please select “Add New” or edit the existing information to correct. For questions, contact Human Resources at extension 4114.
Review Your Tax Withholding Status for 2023
You may choose to file a new Form W-4 for federal withholding or new Form WH-4 for Indiana withholding if a status change is appropriate for tax year 2023. A change in status may be appropriate due to marriage, divorce, birth or adoption of a child, or a change in the dependent status of a child. However, you may wish to consult a tax professional for assistance in determining your correct federal and state withholding status. Your current federal and state withholding status is displayed in the Employee Dashboard of the ISU Portal under the “Taxes” drop down.
Your Federal withholding status may be updated through the ISU Portal, Employee Self-Service – Employee Dashboard. Under Taxes select “W-4 Employee’s Withholding Allowance Certificate” and click “Update”. View the instructions and certify your changes. To update your State withholding, select “WH-4 State Tax Exemptions or Allowances” under the ‘My Activities’ section and click “Update WH-4”. View the instructions and update then confirm values to save your changes. Detailed instructions are located on the Payroll website: https://www.indstate.edu/payroll/payroll-info/electronic-w-4. Federal and state withholding forms are also available on the Payroll web site located at https://www.indstate.edu/payroll/forms/employee-forms or you may contact the Payroll Office at extension 3533 to request new withholding forms to be sent to you.
Update Your Indiana County of Residence When Moving
Remember that your county of residence as of January 1 determines your liability for county income tax each year. If you move from one Indiana County to another, you should complete a new Form WH-4 and stipulate your new county of residence.