Health Care Reform Reminder: Reporting Health Care Coverage on Employees’ W-2 Forms
As tax season approaches, remember to include the cost of health care coverage on your employees’ W-2 forms. The cost of employer-sponsored health plans must be reported, but excepted benefits like long term care coverage, disability insurance, or standalone dental and vision insurance should not be included.
The amount on the W-2 form will not be taxed. Both employer and employee contributions must be reported.
For more information, review the small and large group checklists, or for the latest guidance from the Internal Revenue Service (IRS).