Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-423 - DEDUCTIONS - EXPENSES
Rule 1.26-51-423(a)(1) - Business Expenses - Long-Term Care Insurance Premiums
Universal Citation: AR Admin Rules 1.26-51-423(a)(1)
Current through Register Vol. 49, No. 9, September, 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% |
Disclaimer: These regulations may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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