The IRPAC in their recommendations for the year 2010 had mentioned requirement to enhance effective of Form W-2. Taking clue from these recommendations IRS has already unveiled a new look form W-2 which will be used while filing tax returns in year 2011. W-2 form is primarily used by salaried individuals to report their income and deductions throughout the tax year. The new look form W-2 will be optional (to furnish certain details related to coverage of an employer sponsored group health plan) to be used in the year 2011 but will be mandatory from next year onwards.
The new codes have also been allotted which will be required to be filled by employers regarding a sponsored group health plan. As employers will need certain time to make their systems in compliance to these new requirements it has not been mandatory to report such information in this year’s new W-2. IRS will also come out with details guidelines on how this has to be done by employers later in the year.
Let us also clear an important thing regarding this new requirement. IRS does not intend to tax the premiums of employer sponsored group health plans but just needs to collate this information to non-tax purposes. So in case the requirement of the new W-2 worry you, just relax there would be no additional tax burden on you on account of this provision.
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