Taxstra • Planning worksheet • 2026-10-30
Use this worksheet alongside the guide. The figures and schedules are educational illustrations, not individualized tax advice or a recommendation for your circumstances.
Read the explanation in the guide before filling in the schedule. Keep the illustrated values separate from your actual records. For each row, identify the supporting document, applicable period, unresolved assumption, and person responsible. Do not treat example percentages or classifications as established facts for your situation.
| Form W-2 box | What to enter for the premiums | Source | Your records / questions |
|---|---|---|---|
| Box 1, wages | Include them | IRS S corporation compensation page | |
| Boxes 3 and 5, Social Security and Medicare wages | Exclude them when paid under a plan for employees generally or a class of employees | Notice 2008-1 and section 3121(a)(2)(B) | |
| Box 14 (14a on the 2026 form) | Show the amount as an information item | Form 1120-S instructions, line 7 |
| Line | Without the W-2 step (paid personally) | With the W-2 step | Your records / questions |
|---|---|---|---|
| W-2 Box 1 | $100,000 | $118,000 | |
| W-2 Boxes 3 and 5 | $100,000 | $100,000 | |
| Combined Social Security and Medicare on wages | $15,300 | $15,300 | |
| K-1 ordinary income ($200,000 less wages and $7,650 employer payroll tax) | $92,350 | $74,350 | |
| Schedule 1, line 17 deduction | $0 | $18,000 | |
| Wages plus K-1 income, less the deduction | $192,350 | $174,350 |
| Handoff | Information needed | Check | Your records / questions |
|---|---|---|---|
| Owner to bookkeeper | Premium invoices and proof of payment | Covered people and periods | |
| Bookkeeper to payroll | Supported annual qualifying amount | Shareholder classification | |
| Payroll to tax preparer | W-2 and benefit reporting | Agreement with ledger | |
| Tax preparer to owner | Eligibility and deduction calculation | Other coverage and income limits |
These fields stay in this document. Taxstra does not receive the information. Print to paper or PDF if you want to retain completed entries; do not rely on browser storage.
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