Get the 411 on W-2 Forms! What the IRS Needs You to Know.
Beginning with the current tax year, employers are required to report the cost of coverage under an employer-sponsored health plan. That means that on W-2 forms that go out in January 2013, the cost of this coverage must be listed. But this cost is not taxable income and continues to be excluded from an employee’s income. The information can provide employees with helpful consumer information. If they are shopping for health care coverage, it gives them an idea of the cost of their current coverage. The new ruling includes most employers. Federally recognized Indian tribal governments are exempt from the [...]