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According to our interpretation of the tax code, a self-employed
individual in 2000 is able to currently deduct 60% of their health
insurance premiums when determining their adjusted gross income. The
remaining 40% is not lost; it is allowable as a medical expense similar
to the scenario described in our "Individual" example. Also, the eligible
premium allowable for the 60% deduction and the remaining 40% are, again,
spelled out in the chart in our "Individual" example. The 60% deductible
percentage will increase in the coming years as follows:
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Deductible Percentage |
| 2000 - 2001 |
60% |
| 2002 |
70% |
| 2003 & thereafter |
100% |
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Note: The previous interpretation is for general informational purposes only. This
website does not intend to present itself as a tax professional, but
rather to offer our opinion of the tax code as it relates to tax
qualified ltc insurance. Visitors are encouraged to consult their tax
professional as it relates to their personal situation.
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C Corporation |
| Get A Quote |
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Supplement
