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New W-2 code for HSA employer contributions.(Health Savings Account)(Brief Article)
The IRS has announced the establishment of an additional code for use on the 2004 Form W-2. The new Code W will be used in Box 12 to identify the amount of an employer's contribution to an employee's health savings account (HSA).
Background. The Medicare Prescription Drug Improvement and Modernization Act of 2003 provided for the establishment of HSAs, a new tax-favored savings vehicle for qualified medical and retiree health expenses. As of January 1, 2004, eligible individuals can make tax-free contributions (up to annually indexed statutory limits) to their HSAs.
Family members and employers can also make contributions to an individual's HSA on his or her …
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