The following deadlines must be met to facilitate timely correction of payroll records and avoid significant tax consequences for employees who received overpayments in 2024.
Transaction | Deadline |
Units must submit overpayment adjustment requests through the Adjustment Notification Application (ANA). | Submit to University Payroll by Friday, 11/29/2024, 5 p.m. |
Units must submit employee repayments (money order, cashier’s check, or personal check) due to overpaid wages or salaries. | Repayments (money order, cashier’s check, or personal check) must be received in UPB Customer Service by Thursday, 12/5/2024, 3 p.m. |
Units must return paper payroll checks that have not been distributed to an employee. | Return paper payroll checks to UPB Customer Service by Thursday, 12/5/2024, 3 p.m. |
If these deadlines are not met, the processing of adjustments will be delayed and may not be reflected on the 2024 W-2 tax statements. Significant tax consequences on behalf of the employee could occur if repayments for 2024 overpayments are delayed and processed in 2025:
The employee’s 2024 W-2 will report earnings higher than the employee should have received. The employee will then be required to pay taxes based on this reported amount when filing 2024 taxes.
Employees will be required to file and pay taxes on the entire amount received and reported on the 2024 W-2.
Repayment of a prior year overpayment will result in a tax letter being issued to the employee indicating the amount of earnings that can be adjusted. This letter can be used when filing their tax return. Employees who have questions regarding their personal income tax return or the tax letter should seek tax advice from a tax professional.
