Check Your W2s. Health Insurance Costs Included On It.

Taft2016

Taft2016

Verified User
I missed this:

http://www.forbes.com/sites/kellyph...-of-health-care-insurance-taxes-and-your-w-2/

The value of health care coverage provided by your employer is now reported in Box 12 with Code DD to identify the amount. The amount reported in the box should include both the portion paid by your employer and any amount paid in by you.

So why is this information showing up on your form W-2 now? Under the Affordable Care Act – you may also refer to it as Obamacare or the health care act – most employers must now report the cost of your health care plan (a few small businesses are still exempt from reporting under the transitional relief offered by IRS).
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What’s not changing is the tax treatment of those benefits. It remains federal income tax free to you as an employee. So if you see wages of, say, $50,000 in Box 1 and benefits marked “DD” for health care insurance paid in $15,000 in Box 12, your income for purposes of calculating your federal income tax liability remains $50,000.

The requirement that the benefits are reported on your form W-2 is “for informational purposes only.” The purpose of the rule, according to the IRS, is to “provide employees useful and comparable consumer information on the cost of their health care coverage.”
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I've managed to get to this point in my life without this "useful and comparable consumer information."

Now it's on my W2, which I just checked and found out I have $15,000 worth of untaxed benefits.

The W2 serves a purpose ... to tell me what I'm getting taxed on.

Obama swore in his debates with McCain that taxing health insurance benefits as income was a bad idea and unnecessary. But didn't he also tell Hillary in their debates the same thing about the individual mandate?

It's coming. Prepare to be screwed.
 
I don't understand your complaint, Taft. Isn't more information better? Isn't it interesting to see what your employer is covering? Helps you see what kind of benefits you're getting aside from salary.

Or were you just looking for something to complain about?
 
the horror of more people being able to get medical treatment they need is just too much for some
 
tekkychick said:
I don't understand your complaint, Taft. Isn't more information better? Isn't it interesting to see what your employer is covering? Helps you see what kind of benefits you're getting aside from salary.

Or were you just looking for something to complain about?
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the unions are complaining, because if the number in that box is too high you have to pay the Cadillac tax.....
 
Taft2016 said:
I missed this:

http://www.forbes.com/sites/kellyph...-of-health-care-insurance-taxes-and-your-w-2/





I've managed to get to this point in my life without this "useful and comparable consumer information."

Now it's on my W2, which I just checked and found out I have $15,000 worth of untaxed benefits.

The W2 serves a purpose ... to tell me what I'm getting taxed on.

Obama swore in his debates with McCain that taxing health insurance benefits as income was a bad idea and unnecessary. But didn't he also tell Hillary in their debates the same thing about the individual mandate?

It's coming. Prepare to be screwed.
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A lot of people who voted for the politicians that passed this are about to start tasting the fruit.
 
tekkychick said:
Losing? or being moved to the exchanges?
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If you have to pay for it now, when you were getting it for free before, your screwed. I had great insurance. Free insurance. My company paid for it, but shortly after the bill became law, my company got rid of it. There are millions of others just like me.

I'll never have insurance as good as what I had.
 
Liberty said:
If you have to pay for it now, when you were getting it for free before, your screwed. I had great insurance. Free insurance. My company paid for it, but shortly after the bill became law, my company got rid of it. There are millions of others just like me.

I'll never have insurance as good as what I had.
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I hope your company increased your pay since they are no longer providing insurance. If not, they just cut your pay and you should not accept that.
 
It's a done deal. No increase. And I have no choice.

The point is that this is going on all over the country.

This isn't what so many were led to believe.
 
tekkychick said:
I don't understand your complaint, Taft. Isn't more information better? Isn't it interesting to see what your employer is covering? Helps you see what kind of benefits you're getting aside from salary.

Or were you just looking for something to complain about?
Click to expand...

As this handy bit of information I never had before, never needed before, now shows up on the W2 that outlines what I have to pay taxes on? Geez, what a thoughtful convenience from our benevolent Internal Revenue Service.
 
I see either willful ignorance, or just plain old ignorance here.

If they're putting the value of your employer provided health insurance on your W2, they're clearly taking the first step towards taxing that employee benefit as income. In my case, I could wind up paying income tax on an extra $15,000 a year without earning a penny more.

Remember 2008? 95% of us would get tax cuts? Only 5% would see tax increases?

He told Hillary the individual mandate was unnecessary in the primary debates?

He told McCain taxing employer provided health insurance was unnecesssary in the presidential debates?

Wake the hell up already.
 
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