Yesterday, I received a W2 from CVX. I was laid off in 2015 and received my severance in 2015. I have not received any salary or other pay from CVX in 2016. Anyone know what this W2 represents? Could it be for the CVX contribution to my health insurance?
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@6qxx, the answer to your question is "No". Don't you read the OP's concern and the entire thread? The question has been solved already. The W2 he received was for the 2015 CIP bonus paid in the 2016 tax year. Pay attention!
Expat tax equilisation?
If you left CVX during 2015 and received a CIP in 2016 be aware of this. If you started receiving Social Security, and you are under age 70 (I believe), and the CIP award was $15K or higher; expect a nice little letter from the government wanting to penalize you for these "wages". You will need to get a letter from Payroll, explaining that it was earned in the previous years. It only took 3-4 phone calls to get cleared up. Of course, I got the usual "deer in the headlights" reaction from HR when I first called. Then, no one knew who I needed to contact.
I left in 2014, received a CIP in 2015, and the letter showed up in 2016.
For the CIP bonus, they will withhold Social Security, Medicare and 25% Federal Taxes. If you live in Louisiana, California or any other state that has a state income tax, then that too will be withheld.
It's for the CIP bonus. Thanks for jogging my memory.
OP, You will NOT receive a W2 for Healthcare Insurance coverage. Form W2 is for reporting INCOME only. Chevron will send you a Form 1095 if you had medical insurance (not dental) through them in the tax year 2016. Chevron will send you a 1099-R if you received any retirement income in 2016 (i.e. annuity income). So if you received a W2 for income earned in 2016 (but you were laid off and were completely liquidated in 2015), I would say it's for the CIP bonus income you received in early 2016. Did you not receive a check from Chevron in February 2016? I did.
Was it maybe for the CIP bonus income you received in February 2016 for the prorated time you were on the payroll in 2015?
Call the 800 number and ask them. They should be able to tell you.