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Initiating a Prior Underpayment Adjustment (PUA)
Benefit Payout for Biweekly Exempt or Academic (Monthly) Employees
If a biweekly exempt or academic employee is ending employment with the university,
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What is initiating a prior underpayment?
Initiating a prior underpayment is the process of correcting an underpayment of taxes from a previous tax period.
Who is required to file initiating a prior underpayment?
Taxpayers who have identified errors in their previous tax returns and have underpaid taxes are required to file initiating a prior underpayment.
How to fill out initiating a prior underpayment?
To fill out initiating a prior underpayment, taxpayers need to submit a corrected tax return for the specific tax period in which the underpayment occurred, along with the additional tax payment.
What is the purpose of initiating a prior underpayment?
The purpose of initiating a prior underpayment is to rectify any errors in previous tax returns and ensure that the correct amount of taxes owed is paid.
What information must be reported on initiating a prior underpayment?
Taxpayers must report the specific tax period for which the underpayment occurred, the amount of underpayment, the reason for the underpayment, and any additional tax payment made.
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