1.26 Ark. Code R. 51-423(a)(1)
Current through Register Vol. 49, No. 10, October, 2024
A self-employed taxpayer can deduct as a business expense on U.S. Form 1040, Schedule C, a percentage of the premiums paid during the tax year for "qualified" long-term care insurance. The definition of "qualified" long-term care insurance is set forth in IRC Sec. 7702B(b)(1). The applicable percentage begins with 40% for the 1997 tax year and increases up to a maximum of 80% in 2006. The percentages are as follows:
1997 ................. | 40% | 2004 ..................... | 60% |
1998 through 2002 .......... | 45% | 2005....................... | 70% |
2003 .................. | 50% | 2006 or thereafter....... | 80% |
1.26 Ark. Code R. 51-423(a)(1)