W2 Reporting for 2013

All 2013 W2’s that will be distributed in January 2014 are required to report the aggregate cost of insurance coverage. Currently, if you filed lessthan 250 W2’s in 2012 you are exempt from this W2 reporting requirement this year.

The value of health care coverage will be reported in Box 12 of the W2 with code “DD” to identify the amount. You are required to report the total cost of both employer and employee contributions for major medical and any other nontaxable “group health plan” coverage for which COBRA is offered, except if dental or vision coverage is offered on a stand alone basis.

Please contact our office for a copy of the full chart from the IRS outlining the types of coverage that employers must report on the W2.