Not comfortable with that? Well, I’ve got some bad news for you: the information is going to be there whether you like it or not. Why? Because Obamacare requires it:
Look closely at your new W-2 form this tax season. Notice Box 12 and the two-letter code DD. If you work for an employer with 250 or more workers, information in that box for the first time is required by the Affordable Care Act.
And, starting next year, it will be required for employers with fewer than 250 employees. Now why do you suppose they want that data on your W-2?
The health insurance benefit amount isn’t taxable as personal income—-for now, anyway. But … the Box 12, DD information lays the groundwork for possible future tax law changes if Congress decides the value of that employee benefit should be taxed.
If you can’t see where this is going, I recommend a white cane with a red tip. It won’t be long before the amounts you and your employer pay for health insurance will become taxable compensation.
Somehow, the “Affordable Care Act” is becoming less and less affordable.