***2011 W-2 to tax Health Care costs? ***
Some is true, some isn’t
An interesting e-mail is floating around the internet claiming that, “Starting in 2011-next year-the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided. It doesn’t matter if you’re retired. Your gross income WILL go up by the amount of insurance your employer paid for.”
The St. Petersburg Times reports that the chain e-mail is correct that employers will be required to start listing the cost of insurance, but that will be for tax year 2011, and won’t be reflected until 2012.
The Times also states that the amount will not be taxed due to current law excluding health insurance as taxable income, and that there is nothing in the new health care law that changes that. Note: that’s current law.
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