2020 Calendar Year Info from Payroll
Personal Information Updates
Employees are highly encouraged to review their address information and send in any changes as soon as possible to ensure that tax forms are mailed to the correct location. Address changes should be submitted through Employee Self Service. In addition, if you got married, divorced, or had a baby during the last calendar year, it is a great time to review and update your beneficiary information with PERA (non-licensed employees) or SPTRFA (teachers/administrators). If you carry life insurance or have a 403b or 457 account, you may also want to update your beneficiary information with those vendors as well.
Year End Tax Forms
2019 w-2 tax forms will be generated and mailed to employees by January 31st, 2020. However, it's not too late to request an electronic-only version of your W-2 to save printing and mailing costs! This option also eliminates your risk of having your w-2 stolen from your mail box for purposes of identity theft. You can opt for the electronic version through Employee Self Service. A notice will be posted when the information is available on-line to print your own w-2.
Tax Withholding Elections
Both federal and state tax withholding rates have changed for 2020. Also, the IRS has completely revised the 2020 W-4 withholding election form, which can initially be confusing since employees no longer identify “withholding allowances”. Here are some highlights regarding these changes: · The 2020 W-4 form, instructions, tax rates, and an FAQ are posted on the payroll website under the Tax Information and Forms page.
- Existing employees don’t automatically need to complete a new form. As long as they don’t make changes to their withholding, the old election remains in effect. The new form is only for any changes going forward.
- Payroll can no longer accept any 2019 W-4 forms.
- Any time a new federal W-4 form is completed, the employee must also complete the MN version (W-4MN) which is also available on the payroll website. The W-4MN used to be optional – it is now required because MN still uses withholding allowances and federal does not. · Employees can update their withholding elections without paper forms through Employee Self Service, except when claiming exempt from withholding.
- Employees who claimed exempt from withholding in 2019 will need to complete 2020 W-4 and W-4MN forms prior to Feb 15, 2020 to maintain exempt status. Exempt status expires at the end of each tax year.
Voluntary Retirement Plans -- VOYA, Fidelity, & MN Deferred Compensation
The start of a new tax year is also a great time to review and update contributions to a voluntary retirement plan. If you are contributing to a tax sheltered account (TSA), you do not need to re-enroll. However, you can make changes to your contributions at any time. If you are not currently contributing, 2020 is a great time to start! All employees are eligible to have payroll deductions for retirement with either a 403(b) account with VOYA or Fidelity or a 457 account with MN Deferred Compensation. Depending on your FTE and union contract, you may be eligible for a District match of your contributions. If you are eligible for a district match per your union contract and have not requested it, you can also do that at any time. Information, plus any related forms are online at https://www.spps.org/Page/3506.
Updated Payroll Reference Information
The payroll website includes timely material that is updated frequently to give employees the information they need when they need it.
- The 2020 Payroll Schedule and 2019-20 Work Year Schedule are available on the Payroll Schedule and Options page.
- An updated payroll contact list is available on the Payroll home page.
- Updated or new help sheets are available on the Employee Help Sheets page, including one to help you understand your year end W-2 tax statement, and some to support employees as they learn how to use enhanced or new payroll eForms.