Form 8922 replaces the Third-Party Sick Pay Recap Form W-2
The law imposes new reporting requirements on both public and private employers, beginning January 2013, to report the value of the health insurance coverage they provide on each employee's annual Form W-2
The IRS released guidance (Notice 201128) in question-and-answer format on the new requirement that employers include the "aggregate reportable cost" of employer-sponsored group health insurance on Form W-2
, Wage and Tax Statement.
6051(a)(I4) generally requires the cost of applicable employer-sponsored health insurance coverage to be reported on Form W-2
In the draft 2011 Form W-2
, also just released, the IRS has designated code DD for reporting the health coverage cost information in box 12.
24) The theory behind moving the guidance from the regulations to a revenue procedure is to simplify the revision process should there subsequently be changes to Form W-2
They were obtained by matching the Statistics of Income sample to the corresponding Forms W-2 and gender-coding each Form W-2
Taxpayers also would win the right to sue anyone filing a false information return, such as a Form 1099 or Form W-2
Separately state the premium amount on Form W-2
in box 23.
Due to the typical filing deadline (January 31) falling on a weekend, the deadline for employers to mail the 2015 Form W-2
to employees is February 1, 2016.
Taxpayers whose Form W-2
includes the amount of medical coverage for nondependent adult children in California wages should request that their employer issue Form W-2C excluding the amount from California wages.
In general, they know exactly where to find the wages reported on Form W-2
, the interest income reported on Form 1099-INT, Interest Income, the nonemployee compensation or other income from Form 1099-MISC, Miscellaneous Income, and the mortgage interest expense shown on Form 1098, Mortgage Interest Statement.