According to the provisions of The Affordable Care Act
Your company must report on your W2 the cost of your company sponsored or co-sponsored insurance.
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I actually heard some ignorant harridan saying “Look! My annual income went up! Now try and tell me Obama isn’t good for the economy”
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Of course, they only have to report it. You won’t have to pay extra taxes on it.
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Yet.
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Good point, and ‘those’ taxes haven’t even kicked in yet…
Well, not to defend the ignorant harridan (I’m not), they probably also don’t realize that the money they get back when they do their taxes was an interest free loan to the government.
That realization would require awareness.
I know about the interest free loan and try to take deductions down to the bone. I anticipate at some point they will not pay it back. Course they are printing money now to pay it back, so unless their ink supplier calls in the iou..same as last year.
I owe them every year. I’d rather pay them than let them hold my money they haven’t earned.
(Not that they’ve actually ever “earned” it to begin with.)
We spent lots of time trying to figure out what to put into code DD on W-2s this year. The IRS guidelines were fuzzy at best. Now, I wonder when the connection where you will actually have to report the contents of code DD onto your Fed form 1040 and what they will do with you if you have no code DD to report.