What’s new with your W-2?
It’s that time of year where everyone who works as an employee of a company will be receiving their W-2 which details how much money they have earned and what taxes they have paid. Your employer is required to deliver it to you by the end of January.
I have previously blogged on what you should look for on your W-2, however due to the ACA, their is a new item to be aware of and to review.
Box 12–Code DD
Employers that provide “applicable employer-sponsored coverage” under a group health plan are subject to the reporting requirement. This includes businesses, tax-exempt organizations, and federal, state and local government entities (except with respect to plans maintained primarily for members of the military and their families). However, federally recognized Indian tribal governments are not subject to this requirement.
In general, the amount reported should include both the portion paid by the employer and the portion paid by the employee.
You can find a very in-depth summary of everything you need to know about Box 12-Code DD here.
Have a super 2016 and if I can be of any assistance to you don’t hesitate to contact me.
ConnectPay Payroll Services
2352 Main Street, Suite 303
Concord, Ma 01742