BUYING LIFE INSURANCE TO COVER ELDERLY PARENTS
General Instructions for Forms W-2 and W-3 (2012)
The wages in box 5 of Form W-2 must be equal to or greater than the wages in box 3 of Form W-2. Group-term life insurance. You must include in boxes 1, 3, and .
http://www.irs.gov/instructions/iw2w3/ch01.html
Publication 15-B (2012), Employer's Tax Guide to Fringe Benefits
Group-term life insurance coverage (including costs that cannot be excluded from wages) . Report it as wages in boxes 1, 3, and 5 of the employee's Form W-2.
http://www.irs.gov/publications/p15b/ar02.html
General Instructions for Forms W-2 and W-3 (2012)
Corrections and void Forms W-2, Correcting wage reports., Void. . Group-term life insurance, Group-term life insurance., Box 3—Social security wages., Code .
http://www.irs.gov/instructions/iw2w3/ix01.html
Calculating the Value of Group Term Life Insurance | Payroll-Taxes ...
Read Calculating the Value of Group Term Life Insurance by Robert W. Ditmer . of the benefit must be included in Box 1 of the employee's Form W-2 and in Box .
http://www.payroll-taxes.com/articles/187-calculating-the-value-of-group-term-life-insurance.htm
Form W-2 Box Descriptions (1000972)
Information on the Form W-2 statement will vary for each employee. . other income; Year-to-date non-cash fringe benefits; Year-to-date executive life insurance .
http://map.ais.ucla.edu/portal/site/UCLA/menuitem.789d0eb6c76e7ef0d66b02ddf848344a/?vgnextoid=7eb4298a4266b010VgnVCM200000dd6643a4RCRD&searchterm=%5BLjava.lang.String;@7da2c8
Term Life Insurance (for healthy seniors)
Key features:
- Medical examination required, to prove that the insured is in good health
IRS Posts W-2 Health Reporting Guidance | LifeHealthPro
Jan 3, 2012 . The W-2 reporting requirements were created by Section . Slideshow: 6 Famous Brands Started or Saved by Life Insurance · Glenn Neasham .
http://www.lifehealthpro.com/2012/01/03/irs-posts-w-2-health-reporting-guidance- Insured covered up to the age of 90 or 95 (depends on insurance company guidelines)
- Premiums increase towards the end of the Term
- Many seniors outlive the fixed term so look for a policy that can be converted to whole life insurance
- Consider purchasing Burial Insurance also, should the senior outlive the Term
Burial Insurance (for healthy seniors)
Key features:
- No medical examination required
- Insured person is covered for life
- Premiums are locked-in and do not change
- Moreover, cash value increases over time
- If the insured is healthy, then you receive full benefit the day after you pay your first premium
- Coverage cannot be canceled as long as you pay your premiums on time
- Proceeds can be used for burial costs and other end-of-life expenses
Graded Benefits Burial Insurance (for seniors with health problems)
Key features:
- No medical examination required
- Insured person is covered for life
- Premiums are locked-in and do not change
- Policy increases in cash value over time
- You typically only get partial coverage for the first two years, and the full insured amount only in the third year of the policy
- Insurance company cannot cancel coverage as long as you pay premiums on time
- Proceeds can be used for burial costs and other end-of-life expenses
RE: Revised Form W-2 - 2011 Supplemental Life Insurance Imputed ...
RE: Revised Form W-2 - 2011 Supplemental Life Insurance Imputed Income. Recently you received a Form W-2 reflecting an incorrect amount in Box 1 for the .
http://www.cwadistrict7.org/Retiree_Center-files/Retiree-Articles-2/R-%20Letter/W-2%20in%20error3-6-2012%20final%20draft.pdf
