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Despite bank mistake, January pay must count as 2011 income, IRS rules say

President V. Lane RawlinsFeb. 1, 2012

Dear UNT faculty and staff members:

Yesterday, UNT sent you notice of a mistake by Wells Fargo Bank that may have unanticipated consequences for many of our employees. I want to assure you that we looked at every aspect of the situation before determining that the extra income you received in December due to the bank’s early distribution of your January pay would have to be counted as 2011 income. The IRS has given us no choice on this matter.

I am angry and frustrated about the effects of the bank’s mistake, and I know many of you share my feelings. Be assured that the UNT System and university are in solutions-based discussions with Wells Fargo. We will continue to press for timely solutions that will address your individual needs. As you might imagine, this is a complex matter with implications for employees and the university that are difficult to quantify – and the implications are different for every individual.

Many of you are sharing your concerns with me, and I share the feelings you’re expressing. We will make sure Wells Fargo is aware of how deeply you are affected, and I will continue to update you as I am able.

And don't forget that free 1040EZ tax filing is available for UNT staff. faculty and students.

Sincerely,

V. Lane Rawlins

President

Posted on: Wed 01 February 2012

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