IRS clarifies health reform’s W-2 rules
Still got some questions about what it is you are (and aren’t) required to report on workers’ W-2s under health reform? You’re not alone.
That’s why the Service recently released even more guidance on the W-2 reporting requirements under the healthcare reform law.
The healthcare reform law requires employers issuing more than 250 W-2 forms to report the cost of healthcare coverage starting with the 2012 tax year (those issued in 2013).
Companies that have fewer than 250 W-2s don’t have to comply with the reporting requirements until 2013 (W-2s issued in 2014) – and possibly even longer.
Here are some of the main points in the latest IRS guidance:
- Employers can report contributions to Health Reimbursement Arrangements (but aren’t required to)
- Costs of services through employee assistance programs, wellness programs or on-site health clinics don’t need to be reported unless the employer charges premiums for those services to COBRA beneficiaries, and
- Any coverage that is taxable to workers (such as insurance for dependents over 26) must be reported.
To view the complete guidance, click.
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