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Volume 2, Issue 2Diocese of Cleveland December 2017IN THIS ISSUE IMPUTED LIFE GIFTS TO EMPLOYEES RESTRICTED COLLECTIONS DESIGNATED COLLECTIONS CERTIFICATES OF INSURANCE OHIO MINIMUM WAGE FOR 2018 YEAR

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What is imputed life?

Imputed life refers to the calculation of the value of life insurance coverage that exceeds the allowable limit set by the IRS.

Who is required to file imputed life?

Employers are required to report imputed life insurance amounts on behalf of their employees.

How to fill out imputed life?

Imputed life can be filled out by using the appropriate IRS forms and following the instructions provided.

What is the purpose of imputed life?

The purpose of imputed life is to ensure that employees accurately report the value of their life insurance coverage for tax purposes.

What information must be reported on imputed life?

The information that must be reported on imputed life includes the excess life insurance coverage amount, the employee's age, and the IRS table used for calculations.

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