IRS Tax Form 1095
The Affordable Care Act (ACA) requires you and your dependent(s) to have medical coverage for the entire year or pay a tax penalty. By now you should have received your IRS Form 1095 (“Form”). This Form provides medical coverage information about you and your dependents.
This Form should NOT be submitted with your tax return. Instead, you should file the Form with your other tax related documents. When you file your income tax return, simply check the appropriate box to report medical coverage. More Information [IRS FAQs] [Oracle FAQs]
HSA Contributions for Tax Year 2016
Did you know that you can make contributions to your health savings account (HSA) until the tax filing deadline of April 18, 2017 and have the contributions applied to 2016? Visit the Optum Bank Website to view information on how to make deposits into your account. Online deposits need to be made by April 10 to ensure adequate processing time. The Bank will however accept mail that is postmarked by April 18.
401(k) Savings & Investment Plan Did You Exceed the 2016 Contribution Limit?
In 2016, the maximum amount that you may defer to any and all
The amount you contributed to the plan is reported on your W2 in Box 12 (code D - for traditional pre-tax and code AA for Roth 401(k)). Employer contributions such as the Oracle match are not subject to this limit, and are not conveyed on your W-2s.
If, having reviewed your W-2s from ALL employers in 2016, you feel you have exceeded your personal limit, please contact Don Reich (Oracle’s 401(k) and Deferred Compensation Plan Manager) at email@example.com or 719-757-4132. The deadline to refund excess contributions is April 18, 2017. Keep in mind that any refund will take approximately one week to process so please make your request as early as possible. Visit the Oracle US Benefits Website for more information about the 401(k) Plan.
Form W2 - Reporting of Costs of Health Coverage
Reminder: Oracle is required to report the value of your employer (Oracle)-sponsored health coverage on your W-2 each year. The cost is calculated each month based on the plan and coverage tier you have elected. The COBRA monthly premium (net of the 2% administrative fee) is the monthly value used – and the total cost for the year is reported. Oracle Payroll reports the cost on your W-2 (Box 12 with a code DD). This provision does NOT impact your income tax return it is for reporting purposes only.
Oracle Wellness: April is National Autism Awareness Month
Nearly 25 years ago, the Autism Society launched a nationwide effort to promote autism awareness and inclusion for all, and to assure that each person with Autism Spectrum Disorder is provided with an opportunity to achieve the highest possible quality of life. National Autism Awareness Month seeks to promote awareness and acceptance.
Visit the Autism Society’s site, to find out how you can participate – find local events and activities, sign up to receive newsletters, share your own story and much more. Additionally, you can visit Oracle’s intranet site , to read more about Autism and coverage through your Oracle medical insurance plan.
For more information, visit the Oracle Wellness website.
Rev. Date: 03/20/2017