Finance...

Health and long-term care insurance premiums are partly deductible, under the following rules:

• You must be self-employed; or a general partner in a partnership; or a limited partner receiving guaranteed payments; or a shareholder owning more than 2% of the stock of an S Corporation; and
• You may not deduct more than your net earnings from the business. That is, the business's reported profit must at least the amount you are claiming as this deduction.
• You may not claim this amount also as a medical expense.
• The amount deductible has been 100% (the full amount) since 2003.

Special rules apply if this is a long-term care contract. You may see IRS Publication 535, available free at the IRS's web site, www.irs.gov, for more information.

Also include on this line any medical savings account ("MSA") expenses which are deductible.

Enter the full amount of the premium. We will calculate the deductible amount.

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