Affordable Care Act W-2 Requirements
Affordable Care Act
Over the next few years, employers will face a number of new compliance and reporting obligations, among others, as a result of the new health care reform package. On the horizon for employers is the requirement to report the value of health insurance coverage they provide to each employee on the employee’s annual Form W-2. The Internal Revenue Service will announce when these regulations are mandatory.
The amount reported does not affect tax liability; it is not taxable. This reporting is for informational purposes only, to show employees the value of their health care benefits.
To learn the details of the types of coverage that employers will be required to report on the Form W-2, see the chart located in the IRS document found at the following link: