If I Have 12 Dd On W2 Do I Need To File A Health Insurance Form

Employers that are subject to this requirement should report the value of the health care coverage in box 12 of the form w 2 with code dd to identify the amount.

If i have 12 dd on w2 do i need to file a health insurance form. You should record both you and your employees contribution to healthcare. There s no need to report it on form w 3. Say thanks by clicking the thumb icon in a post mark the post that answers your question by clicking on mark as best answer. Code dd in box 12 means cost of employer sponsored health coverage.

The irs will continue to provide it for the foreseeable future according to a notice on its website. Code dd amounts are for informational purposes only they don t affect the numbers in your tax return. Individuals employees do not have to report the cost of coverage under an employer sponsored group health plan that may be shown on their form w 2 wage and tax statement in box 12 using code dd. Just check out your w2 box 12 code dd.

No you don t need to amend your tax return for code dd. The dd code reporting is a requirement of the affordable care act and first started being reported in 2012. I ll show you what to do with it in a bit. If you have signed up for your employer s sponsored health insurance plan you will see a dollar amount listed next to the dd code.

There is no reporting on the form w 3 of the total of these amounts for all the employer s employees. If your form w 2 only has box 12 code dd filled you do not have to enter it on your tax return as this has no effect on your tax return. However to help protect your social security benefits keep copy c until you begin receiving social security benefits just in case there is a question about your work record and or earnings in a particular year. Box 12 amounts with the code dd signify the total cost of what you and your employer paid for your employer sponsored health coverage plan.

If you are certain that the only change from a reissued or corrected w 2 will be box 12 dd information then no you don t need to wait for a new w 2 wage statement before you file your tax return and no you won t need to refile amend your tax return later. If an employee makes such a request in writing the employer must provide the w 2 within 30 days. Employers must record employee healthcare benefits on the value reporting form in box 12 of form w 2 with code dd. It will not impact your refund tax due and the information will be automatically adjusted by the irs.

Nevertheless you should enter the code dd and the amount of your employer sponsored health coverage plan if you see it on your w 2. The amount reported does not affect tax liability as the value of the employer contribution continues to be excludible from an employee s income and is not taxable. Reporting on the form w 2.