There was some confusion as of late surrounding the 2012 W-2 changes form and purpose behind such a change.
following describes what is new, what it means for your return and what it means to go from front fiscal 2012.
Changes to your 2012 W -2 forms
following the Affordable Care Act on protection of patients and employers are now required to include the costs of health care coverage on 2012 W-2 forms for the employee.
the amount in box 12, code DD, is the sum of what you and your employer pays for your health insurance coverage.
This amount does not affect your taxable income for 2012.
not all 2012 W-2 forms will have change
IRS announced employers with 250 or fewer employees are exempt in 2012 and will have an extra year to comply, so that these employees can not see the W-2 form changes until their W-2 2013 are issued.
Why this information is added?
Knowing the cost of your current coverage of health care employer-sponsored helpful to you in case you need to buy a 2014 health insurance policy
the affordable care Act, aka "ObamaCare" requires all Americans to carry or obtain a qualifying insurance coverage or face a fine for non-compliance. Under the Act, the government wants to ensure that all Americans have access to affordable health insurance.
This declaration is for information only, to let you know the value of your health care benefits so you can be a more informed consumer
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