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Q: Does the new health care law require workers to pay income tax on the value of employer-provided health insurance?
A: No. The value will appear on employees’ W-2 forms for information purposes, but will not be considered taxable income.
Yes. And they only want it there for "information purposes"........ until they decide to tax it. If you have no intention of taxing it, why put it on the w-2 ?
So they can fine us poor people who cant afford ins. this is more than stupid for us just getting buy and dont qualify for welfare or are not illegal immigrants
So you are suggsting that the non-partisan organization is lying and that the left leaning Annanberg Policy Center is not? Why go to an organization that Obama worked for to get your back-up info. for Obamacare?
If it is not to be counted as income then why should it be reported on a W-2 and why would the IRS have to publish a special statement that it is not mandatory in 2011and that employers would not be punished for not reporting in 2011 with this interim relief because the Treasury Dept. and IRS didn't issue guidance in time for employers to adjust their payroll reporting?
Americans for Tax Reform is certainly ideologically based...
Anyway, fact is they LIED. The income is NOT taxable.
Factcheck.org is non-partisan and non-ideological, same is Kiplinger.
Anyway the Kiplinger article about 13 tax changes
Quote:
3. A requirement that businesses include the value of the health care benefits they provide to employees on W-2s. Although this was originally required beginning with W-2s for 2011 – those issued early in 2012 – in October, a one-year delay was announced. Employers may voluntarily report the value of health benefits they provide on 2011 W-2s, but this will not be mandatory until the 2012 forms. The amount reported is not considered taxable income.
The value of the health care benefit will be required, but it will NOT be considered taxable income, its pretty clear, and anyone who says otherwise is lying.
So they can fine us poor people who cant afford ins. this is more than stupid for us just getting buy and dont qualify for welfare or are not illegal immigrants
If it is not to be counted as income then why should it be reported on a W-2 and why would the IRS have to publish a special statement that it is not mandatory in 2011and that employers would not be punished for not reporting in 2011 with this interim relief because the Treasury Dept.
Its going on the W-2's as proof that an employer is paying their part of the insurance premium. Look at your paystub you'll see the deduction for how much you pay, but you rarely, if ever, see how much the employer pays. Many people will now find out how much, if any, the companies they work for pay towards the premium.
The W-2 FORM is made by private companies. Those FORMS were printed by the 100,000's and shipped everywhere months ago. This would have been a three fold problem. 1) All those FORMS would have to be thrown out and new ones sent out, thus causing the manufacturer a massive loss. 2) The software to fill in the box would need to be modified. 3) Many companies would not be able to meet the deadline of them being mailed out by end of month.
Now many of you would say any laser printer can print forms and this is true. Problem is numerous companies haven't updated their software or printer in the past 10 years. Those of us who get multiple 1099's still get some printed on a dot matrix printer (I had one last year that had carbon paper and another one that had the holes on the sides).
So OMG they are now going to have put up $300 to get a copy of Quickbooks and a laser printer. Which are both tax deductable currently.
Resurrecting the old BS always works, or at least that is what they want to believe. It would be entertaining if they would come up with some new lies.
Can you please come up with something substantial rather than just this constant rhetoric?
I find it interesting that the pro-Obamacare folks can only point to the likely tax on health care benefits as a "lie" and yet did not challenge any of the other numerous taxes that will affect many, many people. Do you really believe that Obama isn't raising taxes on people making less than 250K now? How??
Not an answer to the question. The value of the health insurance from your employer is NOT taxable.
You forgot "yet".
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