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New Member
posted Aug 13, 2024 8:27:20 AM

Left Employer on March 31. They mistakenly ran an extra payroll for April. They request I pay net amt back? Net amt >10K. Taxes,401k deducted. How to handle at tax time?

0 2 10640
2 Replies
Level 15
Aug 13, 2024 8:48:56 AM

ask your ex-employer about how the 401k will be handled. As for other items since the paycheck and repayment were in the same year the IRS dictates that your W-2 should only reflect the correct (net) amounts.  example if including the April paycheck your federal withholding was $6500 and that April paycheck which you repaid showed $1000 in federal withholding your 2024 w-2 should show only $5500 in federal withholding.  So there really is nothing extra you have to do when doing your 2024 return. 

Level 15
Aug 13, 2024 9:07:18 AM

Since everything happened in 2024, your W-2 should reflect reality (after adjustments), and you should not need to do anything special on your tax return.