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Beginning in tax year 2011, the PPACA requires employers to report the value of the health care benefits they provide to employees on each employee’s annual Form W-2. This reporting is for informational purposes only, to show employees the value of their health care benefits. The amount reported does not affect tax liability, as the value of the employer contribution to health coverage continues to be excludible from an employee’s income and it is not taxable.
This new reporting requirement applies for employees’ tax years beginning after December 31, 2010. Because employees are entitled to request their Form W-2 early if they terminate employment during the year, payroll systems need to be updated for this change by January 2011. ..
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