12 tax tips for 2012
3. Note health care info on W-2
When you get your 2011 W-2, you may notice some new information on the form. Box 12 is where employers will report the cost of your workplace's group health insurance coverage. This amount is both the amount the business pays as well as the premiums paid via payroll deductions by the workers.
Don't freak out. The amount, which will be designated by the code DD, is not taxable income. It's informational only. If you don't see anything in Box 12, don't freak out about that either. The IRS ruled that reporting 2011 health care data is optional for employers.