Medical Insurance Contributions to be Recorded on W-2 Forms and Added to Taxpayer’s Income-Fiction!
Summary of eRumor:
This is a forwarded email that says that in 2011 the Employer contributions to healthcare insurance will be recorded on the annual W-2 tax forms and this amount will be tabulated to the taxpayer’s income.
The amount entered for employer contributions to the health insurance plans on the W-2 form are for evidence that the employee has health insurance coverage. This amount will not be taxable nor added to the employee’s gross income.
In an April 5, 2010 article called “Health Care Reform: 13 Tax Changes on the Way”, Senior Tax Editor, Joan Pryde of the Washington D.C. based Kiplinger Letters wrote about a “requirement that businesses include the value of the health care benefits they provide to employees on W-2s, beginning with W-2s for 2011. The amount reported is not considered taxable income.”
The text to Patient Protection and Affordable Care Act HR-3590 can be viewed on the Thomas Library site: Click for HR-3590
There are various eRumors about HR-3590 and our findings can be found by clicking here.