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Federal Income Tax Procedures

 Section 127-Educational Assistance Plan 

 Employee Educational Tuition Waiver Procedure

 

 Tax Sheltered Annuity Plans (403(b) Plans) 
 The amount you can contribute pre-tax to the 403b plan each year is determined by the IRS.

  •  For 2014, the maximum amount is $17,500 if you are less than 50 years old.
  •  For 2014, the maximum amount is $23,000 if you are 50 yrs of age or older.

 Complete this form to initiate or modify your contributions to the 403b plan, and mail or email it to the Federal Tax Compliance Manager:  403(b) Salary Reduction Agreement

 New plan participants must also create an account at TIAA-CREFhttp://www1.tiaa-cref.org/tcm/nmt 

 

Deferred Compensation Plan (457 plan)           

The deferred compensation plan is managed by the State of New Mexico and administered by Nationwide Retirement Solutions.

An individual makes pre-tax contributions to the plan.

To create an account at the State of New Mexico 457 plan: http://www.pera.state.nm.us/deferredcomp.html

 

 Awards, Gifts, & Prizes Procedures

               Prizes and Awards Policies and Procedures doc  This document describes the policy on giving awards, gifts, and running contests with prizes. It also outlines the reporting process. Since prizes, gifts, and awards are covered by IRS regulations, there is a procedure to track the event and determine whether the recipient has an income tax liability. Certain events are treated as employee fringe benefits, and result in compensation for the recipient. Students are not handled under the employee fringe benefit regulations, even if they has campus employment, when the event is related to their student role at Tech - not their campus job.

               Prize and Award Tracking Spreadsheet  This spreadsheet is the tracking mechanism. Instructions are included in the spreadsheet. Complete it according to the instructions and email it to the Federal Tax Compliance manager no later than 3 days after the event.

               This document cites the IRS code for employee fringe benefits, service awards, safety awards, and student scholarships : Summary of IRS codes that apply to prizes, awards, and gifts

 Contact The Federal Tax Compliance Mgr (x5984) with questions on how to report the awards or prizes given to employees or students.


 Uniform Procedures
 Uniform_Payroll Request form.pdf

 Vehicle Procedures
 Vehicle Mileage Log Form (pdf) 

  

 

 

 Contact thollis@admin.nmt.edu with questions in regards to this web page