Does anyone know what department is producing the severance? Since HR can’t give an update.
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401-k was taken our of my severance too. If I was not to have 401-k deducted then how do I appeal to get my additional 10% severance?
I talked to HR yesterday (58 min wait on hold) and she confirmed the only thing being taken out is taxes... but who knows with this effing company. I hope nothing goes to 401k since I had to empty it out already cause ya know... severance hasn't been received and I've got bills to pay. She also said to preceed with the expectation that it will take the full 60 days. And it will for sure be a check in the mail since it's been 2 pay cycles so our direct deposit info has been deleted. They are able to see in their system if it has been released and confirm where the check has been sent to, so atleast we can follow up and check on it....still p-ss-d tho
Yes the severance is taxed
I am confused. So the severance package is heavily taxed?
36%?? I congratulate you. Mine was 39% taxed AND the took my 5 percent 401k.
HR handles it and I was told you cannot have the money moved to 2021 to avoid the taxes. My severance was taxed at 36%. Unfreaking believable
I also checked and was told if you final day was in 2020 that it is considered 2020 income and will be on your 2020 tax documentation regardless of date deposited. They said it is not possible to have income for 2021 if your employment ends in 2020. At least that is what the nice but stressed lady in HR told me.
If you don’t get the money until 2021 then it’s not considered income in 2020.
Based on the average time I have seen on these forums and personally with my impacted peers severance seems to drop within an average of 35-45 days after last date. If your last day was 11/28 then you are probably looking at around second week of January however since your last day was in 2020 it will be on your 2020 w2. The last day of employment is considered the year of the severance payment, not when deposited. Had this confirmed with HR contact as a laid off relative impacted in a different area of Allstate's last day was this past Friday so she certainly will not receive severance until 2021 and she asked this of HR. They include on 2020 tax documents since last day is in 2020 and company has to include in their 2020 financials.
Same here, I was let go 11/28 and I’m still waiting on my severance.
Are we pretty much screwed on them taking out 401k contributions? I had no idea they were doing this. I plan to call on Monday but I’m guessing it’s too late. So aggravating.
HR is handling. You will receive your heavily taxed severance anytime between 2 weeks and 60 days after your last day. I received mine in 5 1/2 weeks after my last day. Others let go in my area got it two weeks earlier than I did. A few after I did.
No idea. I thought HR handled them. My last day was 11/28 and I haven’t received anything. It’s extremely frustrating.