2011 W-2 Information
UNT, UNT Dallas and UNT System
Frequently Asked Questions (FAQs)
UPDATED: December 6, 2012
On December 30, 2011, employees of UNT, UNT Dallas and UNT System, who receive their pay through direct deposit, received a payroll payment intended for distribution to them on January 2, 2012. The early payment resulted in most employees having an additional pay period in 2011. The early electronic transfer of funds was an error made by Wells Fargo Bank.
The following questions and answers will be updated online as employees ask questions of the UNT System Business Service Center.
- I am an employee of the UNT Health Science Center. Does this impact me?
No. It only impacts employees of UNT, UNT Dallas and UNT System who received their January 2, 2012 paycheck through direct deposit on December 30, 2011.
- I received a printed paycheck on January 2, 2012. Does this issue concern me?
No. This issue does not concern you because you received your paycheck, as planned, on January 2, 2012. This issue concerns only employees who received their pay through direct deposit.
- What caused this error?
The early electronic transfer of funds was an error made by the banking partner of UNT, UNT Dallas and UNT System (Wells Fargo Bank). Wells Fargo is the issuing bank that released funds to all the banks of the employees. Therefore, regardless of your personal bank, the funds were released early into your account. Click to see full statement here.
- I receive my payroll distributions through direct deposit (electronic funds transfer) into my bank account. Does this issue concern me?
Yes, if you receive your pay through direct deposit, you likely noticed that funds intended for payment to you on January 2, 2012 were actually paid on December 30, 2011.
- How many employees were affected by this issue?
About 8,500 employees of UNT, UNT Dallas and the UNT System, who receive their payroll payments through direct deposit, were impacted by Wells Fargo’s mistaken early electronic transfer of funds.
- If it was known that employees were paid through Direct Deposit too early, why weren’t the funds pulled back?
The IRS guidelines for income recognition are explicit and apply regardless of whether the early payment was a mistake or an intentional act. The income was received by you in December 2011, so it’s counted by the federal government as 2011 income. Additionally, pulling the funds back could have caused hardship to any employee who already used the funds in December.
- I know I was supposed to receive my direct deposit distribution no earlier than January 2, 2012, not on December 30, 2011. I didn’t access any of the funds I received earlier than January 2nd. Can’t I just count the income as having been received in 2012?
No, the Internal Revenue Service (IRS) regulations are very clear that income received by employees in 2011 must be counted as income on your 2011 W-2. Click here for information on how to read a W-2.
- Can I obtain help directly from the Internal Revenue Service (IRS)?
Yes. The IRS offers assistance online at http://www.irs.gov/ita and by telephone at 800-829-1040. There also are local IRS Taxpayer Assistance Centers to aid persons who need face-to-face assistance. The closest center is in Dallas at 1100 Commerce Street, Room 121, Dallas, TX 75242. Contact the center at 214-413-6010 for more information.
- I have authorized payroll deductions for parking and/or recreational sports. Does this issue affect my deductions?
No. The deduction taken in this paycheck covers the amount for January. Your number of deductions for the fiscal year will not change.
- I have authorized payroll deductions for charitable contributions. Does this issue affect my deductions?
Yes. The contribution on this paycheck is included in your 2011 W-2.
- Will having an additional pay period in 2011 and one less pay period in 2012 cause me to have different tax liabilities for each of those years?
It is impossible to know individual circumstances that influence each employee’s overall income and tax situation. In theory, it is possible that additional income in 2011 and lower income in 2012 could change your tax liability for each year. Each employee’s personal income and tax situation is unique. You may wish to consult with a tax advisor, as needed, to determine the impact this issue will have on your tax return.
- I had already reached my maximum required FICA (Social Security) deduction for 2011 since my salary exceeded $106,800. Will I be refunded the FICA deduction made on December 30, 2011?
Yes. A refund check will be mailed to your mailing address by March 1, 2012.
- Does this issue impact my regular Teacher Retirement System (TRS) or Optional Retirement Program (ORP) contributions or status?
No. If you currently participate in TRS or ORP, your retirement savings program remains unchanged and no action on your part is necessary.
- I am participating in a voluntary tax deferred program. Does this issue impact the savings funds I already had invested with vendors approved by the UNT System?
Less than 1% of the employees were impacted by this issue. If you had already sheltered the maximum amount allowed in 2011 prior to receiving this paycheck, you were impacted. If you had not reached the maximum contribution, your account was not impacted. If you were one of the individuals impacted by this issue, you will receive a direct communication from the UNTS Business Service Center with instructions and options for 2012 savings by February 15, 2012.
- My Teacher Retirement System (TRS) retirement annuity will be calculated using an average of my highest three or five salaries, depending on when I began participation in the program. Will this impact my TRS reported salary?
No. TRS uses fiscal year salaries, not calendar year.
- Why do the year to date totals (e.g. earnings, taxes, deductions) listed on my February 1, 2012 paycheck include the January 2, 2012 information.
The February 1, 2012 paychecks were processed before the 2011 W-2 adjustments were finalized. These totals should be adjusted no later than your March 1, 2012 paycheck.
- What does Wells Fargo Bank have to say about the error?*UPDATED*
A statement from Wells Fargo Bank: “We highly value our relationship with the University of North Texas. We seriously regret any inconvenience this error may have caused. We are working closely with University leadership to mitigate any negative effects to its staff, faculty and employees. “ Click to see full statement here.
On April 16, 2012 the UNT System sent additional information provided by Wells Fargo via email to all affected employees. The Wells Fargo FAQ and inquiry form can be downloaded on the MyUNT portal once logged in.
- Will I receive a corrected W-2 due to the Wells Fargo Issue?
No, the W-2 you received has the correct information on it for tax year 2011 as it was adjusted to account for the extra paycheck. There were only a very small number of employees who have received or will receive a corrected W-2 (W-2C), and those employees are aware of this. Therefore, you should use the provided W-2 or W-2C to file your 2011 taxes.
- Can I file my taxes using a W-2/W-2C copy printed from self service through myUNT or myHSC?
Yes, you may file your taxes for 2011 using a copy printed from self service as an original is not required.
- I need an employment verification letter. Will the letter explain this issue?
The UNT System Business Service Center has prepared a standard verification letter for employees who were impacted by the banking error in December 2011. The letter explains the error and includes the employee's annual gross salary without the January 2, 2012 payroll deposit made on December 30, 2011.
This verification is provided as a service to employees who may need the information for personal loans, financial aid verification or other reasons.
To request a copy of the letter, please send your full name, EMPLID and email address to the BSC by email atHRRecords@untsystem.edu. The information will be returned to you by email..
- Will I be issued an IRS Form 1099 for any amount of payment received from Wells Fargo as a result of my adverse financial impact?
No, an IRS Form 1099 will not be issued.
- Who do I contact if I have additional questions about this issue?
If you have questions, please contact the UNTS Business Service Center.