March 30, 2011
Tip of the Week: Guidance on Form W-2 Reporting for Health Coverage Issued
Filed under: News
Vision Payroll

Guidance on Form W-2 Reporting for Health Coverage IssuedThe Internal Revenue Service (IRS) recently released Notice 2011-28, Interim Guidance on Informational Reporting to Employees of the Cost of Their Group Health Insurance Coverage.

Notice 2011-28 Does not Cause Excludable Employer-Provided Health Care Coverage to Become Taxable

According to Notice 2011-28, nothing in §6051(a)(14), Notice 2011-28, or the additional guidance that is contemplated under §6051(a)(14), causes or will cause otherwise excludable employer-provided health care coverage to become taxable.

Notice 2011-28 Applies to 2012 Forms W-2

Notice 2011-28 applies to the 2012 Forms W-2, which will generally be furnished to employees during January 2013. Employers are not required to report the cost of excludable employer-provided health care coverage before the 2012 Forms W-2. The reporting will be in box 12 of 2012 Form W-2, using code DD.

Notice 2011-28 Contains Information on Calculating Reportable Amounts

Notice 2011-28 provides detailed information, in a question and answer format, on calculating reportable amounts, which amounts are included in the reportable amount, and which amounts are excluded from the reportable amount.

Contact Vision Payroll Today

Contact Vision Payroll today if you have further questions on changes to the 2012 Form W-2 reporting for health coverage.


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