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Tracking health coverage costs for W-2 reporting

The Patient Protection and Affordable Care Act (Pub L. No. 111-148) requires employers to report the aggregate cost of coverage under an employer-sponsored group health plan on each covered employee's Form W-2. This reporting is informational only--to show employees the value of their healthcare benefits--and does not affect the employee's tax liability. (That is, the value of the employer contribution to health coverage continues to be excludible from an employee's income and is not taxable.)

The IRS has issued notices providing transitional relief by making the reporting requirement optional for some employers. For more information on the reporting requirements, refer to our Go onlineHealth Coverage Reporting User Guide.

For employers who must report the cost of health coverage or who choose to report, QuickBooks provides a new tax tracking type. For information on how to set up and use payroll items with this tax tracking type in QuickBooks, refer to our Go onlineHealth Coverage Reporting User Guide.

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