Payroll

Pay summary group

On each pay summary group to be used for pension payments, you must specify which U.S. form to report on or specify if the reporting is non-U.S. If the form is 1099R you can define the type of 1099R income, as well. These parameters cannot be changed once history exists because it will affect 1099R history.

Infor does not support reporting on 1099DIV, 1042S or 480.6 forms. Data for the forms Infor does not support are updated to the 1099Rhist file. You can export this data and report on it. You also must define how Payroll reports pension earnings on the 1099R. This information is used during payroll close to update the 1099R history files.

Funding sources

You must set up the funding sources your company uses for pension payments. Setting up pension funding sources

Employee taxes

Employees can claim exempt from withholding on their W4 or W4P. You can indicate this option on the employee tax. If employees claim exempt, taxable wages are updated but no taxes are withheld.

If you define a tax deduction as exempt withholding, that exemption applies taxable wages but does not withhold taxes from any payments made to this employee.

Pension payments

You must add and process pension payments after you complete all the required set up. Pension payments