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Amending 2011 Tax Return

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Amending 2011 Tax Return

Amending 2011 tax return Index A Accounting methods Accrual method, Accrual Method Cash method, Cash Method Change in, Change in Accounting Method Methods you can use, Methods you can use. Amending 2011 tax return Accounting periods 52-53 week tax year, 52-53-Week Tax Year Business purpose tax year, Business Purpose Tax Year Calendar year, Calendar Year Improper tax year, Improper Tax Year Partnerships, Partnership Accrual method Expenses, Expenses Income, Income Advance payments, Advance Payment for Services Sales, Advance Payment for Sales Services, Advance Payment for Services Assistance (see Tax help) B Business purpose tax year, Business Purpose Tax Year C Calendar year, Calendar Year Cash method, Income Expenses, Expenses Income, Income Change, accounting method, Change to accrual method. Amending 2011 tax return , Change in Accounting Method Comments on publication, Comments and suggestions. Amending 2011 tax return Constructive receipt of income, Constructive receipt. Amending 2011 tax return Corporation tax periods, Corporations (Other Than S Corporations and PSCs) Cost identification, Identifying Cost D Death of individual, short period return, Death of individual. Amending 2011 tax return E Economic performance, Economic Performance Excluded entities, cash method, Excluded Entities F Fiscal year, Fiscal Year Form 1128, Improper Tax Year, Change in Tax Year 8716, Making the election. Amending 2011 tax return , Making back-up election. Amending 2011 tax return 8752, Required payment for partnership or S corporation. Amending 2011 tax return , Activating election. Amending 2011 tax return 970, Adopting LIFO method. Amending 2011 tax return Free tax services, How To Get Tax Help H Help (see Tax help) I Inventories Cost identification, Identifying Cost FIFO, FIFO Method LIFO, LIFO Method Lower of cost or market, Lower of Cost or Market Method Perpetual or book, Perpetual or Book Inventory Retail method, Retail Method Specific identification, Specific Identification Method Uniform capitalization rules, Inventories. Amending 2011 tax return Valuing, Valuing Inventory M More information (see Tax help) P Partnerships, Partnership Personal service corporation, Partnerships, S Corporations, and Personal Service Corporations (PSCs) Limit, use of cash method, Qualified PSC. Amending 2011 tax return Required tax year, Partnerships, S Corporations, and Personal Service Corporations (PSCs), Personal Service Corporation (PSC) Publications (see Tax help) R Related persons, Related Persons S S corporations, S Corporation Section 444 election, Section 444 Election Short period return, Short period return. Amending 2011 tax return Short tax year, Short Tax Year Suggestions for publication, Comments and suggestions. Amending 2011 tax return T Tax help, How To Get Tax Help Tax year Change in, Change in Tax Year Corporations, Corporations (Other Than S Corporations and PSCs) Fiscal year, Fiscal Year Personal service corporation, Personal Service Corporation (PSC) S corporations, S Corporation Section 444 election, Section 444 Election Short tax year, Short Tax Year Taxpayer Advocate, Taxpayer Advocate Service. Amending 2011 tax return TTY/TDD information, How To Get Tax Help U Uniform capitalization rules Exceptions, Exceptions. Amending 2011 tax return General rules, Uniform Capitalization Rules Prev  Up     Home   More Online Publications
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Department of Law and Public Safety

Website: Department of Law and Public Safety

Address: Department of Law and Public Safety
Division of Consumer Affairs
124 Halsey St.
Newark, NJ 07102

Phone Number: 973-504-6200

Toll-free: 1-800-242-5846 (NJ)

TTY: 973-504-6588

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County Consumer Protection Offices

Union County Department of Public Safety

Website: Union County Department of Public Safety

Address: Union County Department of Public Safety
Division of Consumer Affairs
300 North Ave., E
Westfield, NJ 07090

Phone Number: 908-654-9840

Bergen County Office of Consumer Protection

Website: Bergen County Office of Consumer Protection

Address: Bergen County Office of Consumer Protection
One Bergen County Plaza, 3rd Floor
Hackensack, NJ 07601-7076

Phone Number: 201-336-6400

Burlington County Office of Consumer Affairs/Weights & Measures

Website: Burlington County Office of Consumer Affairs/Weights & Measures

Address: Burlington County Office of Consumer Affairs/Weights & Measures
PO Box 6000
Mount Holly, NJ 08060-6000

Phone Number: 609-265-5098 (Weights & Measures) 609-265-5054 (Consumer Affairs)

Cape May County Consumer Affairs

Website: Cape May County Consumer Affairs

Address: Cape May County Consumer Affairs
4 Moore Rd., DN 310
Cape May Court House, NJ 08210-1601

Phone Number: 609-463-6475

Cumberland County Department of Consumer Affairs

Website: Cumberland County Department of Consumer Affairs

Address: Cumberland County Department of Consumer Affairs
788 E. Commerce St.
Bridgeton, NJ 08302

Phone Number: 856-453-2203

Essex County Division of Consumer Services

Website: Essex County Division of Consumer Services

Address: Essex County Division of Consumer Services
50 S. Clinton St., Suite 3201
East Orange, NJ 07018

Phone Number: 973-395-8350

Gloucester County Office of Consumer Affairs and Weights Measures

Website: Gloucester County Office of Consumer Affairs and Weights Measures

Address: Gloucester County Office of Consumer Affairs and Weights Measures
254 County House Rd.
Clarksboro, NJ 08020

Phone Number: 856-384-6855

Hudson County Division of Consumer Affairs

Website: Hudson County Division of Consumer Affairs (Hudson County Consumer affairs page)

Address: Hudson County Division of Consumer Affairs
583 Newark Ave.
Jersey City, NJ 07306

Phone Number: 201-795-6295 (Hotline)

Hunterdon County Office of Consumer Affairs

Website: Hunterdon County Office of Consumer Affairs

Address: Hunterdon County Office of Consumer Affairs
PO Box 2900
Flemington, NJ 08822

Phone Number: 908-806-5174

Mercer County Office of Consumer Affairs

Website: Mercer County Office of Consumer Affairs

Address: Mercer County Office of Consumer Affairs
640 S. Broad St.
PO Box 8068
Trenton, NJ 08650-0068

Phone Number: 609-989-6671

Middlesex County Consumer Affairs

Website: Middlesex County Consumer Affairs

Address: Middlesex County Consumer Affairs
711 Jersey Ave.
New Brunswick, NJ 08901

Phone Number: 732-745-3875

Monmouth County Department of Consumer Affairs

Website: Monmouth County Department of Consumer Affairs

Address: Monmouth County Department of Consumer Affairs
Hall of Records Annex
One E. Main St.
Freehold, NJ 07728-1255

Phone Number: 732-431-7900

Ocean County Department of Consumer Affairs

Website: Ocean County Department of Consumer Affairs

Address: Ocean County Department of Consumer Affairs
1027 Hooper Ave., Bldg. 2
Toms River, NJ 08754-2191

Phone Number: 732-929-2105

Passaic County Department of Consumer Protection/Weights & Measures

Website: Passaic County Department of Consumer Protection/Weights & Measures

Address: Passaic County Department of Consumer Protection/Weights & Measures
Department of Law
1310 Route 23 N
Wayne, NJ 07470

Phone Number: 973-305-5881 (Consumer Protection) 973-305-5750 (Weights Measures)

Somerset County Division of Consumer Protection

Website: Somerset County Division of Consumer Protection

Address: Somerset County Division of Consumer Protection
20 Grove St.
PO Box 3000
Somerville, NJ 08876-1262

Phone Number: 908-203-6080

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City Consumer Protection Offices

Union Consumer Affairs Office

Website: Union Consumer Affairs Office

Address: Union Consumer Affairs Office
1976 Morris Ave.
Union, NJ 07083

Phone Number: 908-851-5458

Nutley Consumer Affairs

Website: Nutley Consumer Affairs

Address: Nutley Consumer Affairs
c/o Department of Public Affairs
149 Chestnut St.
Nutley, NJ 07110

Phone Number: 973-284-4976

Secaucus Department of Consumer Affairs

Website: Secaucus Department of Consumer Affairs (Consumer Affairs Offices)

Address: Secaucus Department of Consumer Affairs
Municipal Government Center
1203 Patterson Plank Rd.
Secaucus, NJ 07094

Phone Number: 201-330-2008

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Banking and Insurance

Website: Department of Banking and Insurance

Address: Department of Banking and Insurance
Consumer Inquiry and Response Center
PO Box 471
Trenton, NJ 08625-0471

Phone Number: 609-292-7272

Toll-free: 1-800-446-7467

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Banking and Insurance

Website: Department of Banking and Insurance

Address: Department of Banking and Insurance
Consumer Inquiries and Complaints
PO Box 325
Trenton, NJ 08625

Phone Number: 609-292-7272

Toll-free: 1-800-446-7467

Department of Banking and Insurance

Website: Department of Banking and Insurance

Address: Department of Banking and Insurance
Consumer Center
153 Halsey St.
Newark, NJ 07102

Phone Number: 973-648-4713

Toll-free: 1-800-446-7467

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Law and Public Safety

Website: Department of Law and Public Safety

Address: Department of Law and Public Safety
Bureau of Securities
PO Box 47029
Newark, NJ 07101

Phone Number: 973-504-3600

Toll-free: 1-866-446-8378 (NJ)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Board of Public Utilities

Website: Board of Public Utilities

Address: Board of Public Utilities
Division of Customer Assistance
44 S. Clinton Ave.
Trenton, NJ 08625

Phone Number: 609-341-9188

Toll-free: 1-800-624-0241 (NJ) 1-800-624-0331 (Cable complaint)

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The Amending 2011 Tax Return

Amending 2011 tax return 6. Amending 2011 tax return   Insurance Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Deductible PremiumsSelf-Employed Health Insurance Deduction Nondeductible Premiums Capitalized Premiums When To Deduct Premiums What's New Retiree drug subsidy. Amending 2011 tax return  Beginning in 2013, sponsors of certain qualified retiree prescription drug plans must account for the subsidy received by reducing the amount of qualified retiree prescription drug plans expense by the subsidy received (taking into account the taxpayer's accounting method). Amending 2011 tax return For more information, see the retiree drug subsidy frequently asked questions on IRS. Amending 2011 tax return gov. Amending 2011 tax return Introduction You generally can deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business, or profession. Amending 2011 tax return However, you may have to capitalize certain insurance costs under the uniform capitalization rules. Amending 2011 tax return For more information, see Capitalized Premiums , later. Amending 2011 tax return Topics - This chapter discusses: Deductible premiums Nondeductible premiums Capitalized premiums When to deduct premiums Useful Items - You may want to see: Publication 15-B Employer's Tax Guide to Fringe Benefits 525 Taxable and Nontaxable Income 538 Accounting Periods and Methods 547 Casualties, Disasters, and Thefts Form (and Instructions) 1040 U. Amending 2011 tax return S. Amending 2011 tax return Individual Income Tax Return See chapter 12 for information about getting publications and forms. Amending 2011 tax return Deductible Premiums You generally can deduct premiums you pay for the following kinds of insurance related to your trade or business. Amending 2011 tax return Insurance that covers fire, storm, theft, accident, or similar losses. Amending 2011 tax return Credit insurance that covers losses from business bad debts. Amending 2011 tax return Group hospitalization and medical insurance for employees, including long-term care insurance. Amending 2011 tax return If a partnership pays accident and health insurance premiums for its partners, it generally can deduct them as guaranteed payments to partners. Amending 2011 tax return If an S corporation pays accident and health insurance premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages subject to federal income tax withholding. Amending 2011 tax return See Publication 15-B. Amending 2011 tax return Liability insurance. Amending 2011 tax return Malpractice insurance that covers your personal liability for professional negligence resulting in injury or damage to patients or clients. Amending 2011 tax return Workers' compensation insurance set by state law that covers any claims for bodily injuries or job-related diseases suffered by employees in your business, regardless of fault. Amending 2011 tax return If a partnership pays workers' compensation premiums for its partners, it generally can deduct them as guaranteed payments to partners. Amending 2011 tax return If an S corporation pays workers' compensation premiums for its more-than-2% shareholder-employees, it generally can deduct them, but must also include them in the shareholder's wages. Amending 2011 tax return Contributions to a state unemployment insurance fund are deductible as taxes if they are considered taxes under state law. Amending 2011 tax return Overhead insurance that pays for business overhead expenses you have during long periods of disability caused by your injury or sickness. Amending 2011 tax return Car and other vehicle insurance that covers vehicles used in your business for liability, damages, and other losses. Amending 2011 tax return If you operate a vehicle partly for personal use, deduct only the part of the insurance premium that applies to the business use of the vehicle. Amending 2011 tax return If you use the standard mileage rate to figure your car expenses, you cannot deduct any car insurance premiums. Amending 2011 tax return Life insurance covering your officers and employees if you are not directly or indirectly a beneficiary under the contract. Amending 2011 tax return Business interruption insurance that pays for lost profits if your business is shut down due to a fire or other cause. Amending 2011 tax return Self-Employed Health Insurance Deduction You may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for yourself, your spouse, and your dependents. Amending 2011 tax return The insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. Amending 2011 tax return A child includes your son, daughter, stepchild, adopted child, or foster child. Amending 2011 tax return A foster child is any child placed with you by an authorized placement agency or by judgment, decree, or other order of any court of competent jurisdiction. Amending 2011 tax return One of the following statements must be true. Amending 2011 tax return You were self-employed and had a net profit for the year reported on Schedule C (Form 1040), Profit or Loss From Business; Schedule C-EZ (Form 1040), Net Profit From Business; or Schedule F (Form 1040), Profit or Loss From Farming. Amending 2011 tax return You were a partner with net earnings from self-employment for the year reported on Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc. Amending 2011 tax return , box 14, code A. Amending 2011 tax return You used one of the optional methods to figure your net earnings from self-employment on Schedule SE. Amending 2011 tax return You received wages in 2013 from an S corporation in which you were a more-than-2% shareholder. Amending 2011 tax return Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2, Wage and Tax Statement. Amending 2011 tax return The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business. Amending 2011 tax return For self-employed individuals filing a Schedule C, C-EZ, or F, a policy can be either in the name of the business or in the name of the individual. Amending 2011 tax return For partners, a policy can be either in the name of the partnership or in the name of the partner. Amending 2011 tax return You can either pay the premiums yourself or your partnership can pay them and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Amending 2011 tax return However, if the policy is in your name and you pay the premiums yourself, the partnership must reimburse you and report the premium amounts on Schedule K-1 (Form 1065) as guaranteed payments to be included in your gross income. Amending 2011 tax return Otherwise, the insurance plan will not be considered to be established under your business. Amending 2011 tax return For more-than-2% shareholders, a policy can be either in the name of the S corporation or in the name of the shareholder. Amending 2011 tax return You can either pay the premiums yourself or your S corporation can pay them and report the premium amounts on Form W-2 as wages to be included in your gross income. Amending 2011 tax return However, if the policy is in your name and you pay the premiums yourself, the S corporation must reimburse you and report the premium amounts on Form W-2 as wages to be included in your gross income. Amending 2011 tax return Otherwise, the insurance plan will not be considered to be established under your business. Amending 2011 tax return Medicare premiums you voluntarily pay to obtain insurance in your name that is similar to qualifying private health insurance can be used to figure the deduction. Amending 2011 tax return If you previously filed returns without using Medicare premiums to figure the deduction, you can file timely amended returns to refigure the deduction. Amending 2011 tax return For more information, see Form 1040X, Amended U. Amending 2011 tax return S. Amending 2011 tax return Individual Income Tax Return. Amending 2011 tax return Amounts paid for health insurance coverage from retirement plan distributions that were nontaxable because you are a retired public safety officer cannot be used to figure the deduction. Amending 2011 tax return Take the deduction on Form 1040, line 29. Amending 2011 tax return Qualified long-term care insurance. Amending 2011 tax return   You can include premiums paid on a qualified long-term care insurance contract when figuring your deduction. Amending 2011 tax return But, for each person covered, you can include only the smaller of the following amounts. Amending 2011 tax return The amount paid for that person. Amending 2011 tax return The amount shown below. Amending 2011 tax return Use the person's age at the end of the tax year. Amending 2011 tax return Age 40 or younger–$360 Age 41 to 50–$680 Age 51 to 60–$1,360 Age 61 to 70–$3,640 Age 71 or older–$4,550 Qualified long-term care insurance contract. Amending 2011 tax return   A qualified long-term care insurance contract is an insurance contract that only provides coverage of qualified long-term care services. Amending 2011 tax return The contract must meet all the following requirements. Amending 2011 tax return It must be guaranteed renewable. Amending 2011 tax return It must provide that refunds, other than refunds on the death of the insured or complete surrender or cancellation of the contract, and dividends under the contract may be used only to reduce future premiums or increase future benefits. Amending 2011 tax return It must not provide for a cash surrender value or other money that can be paid, assigned, pledged, or borrowed. Amending 2011 tax return It generally must not pay or reimburse expenses incurred for services or items that would be reimbursed under Medicare, except where Medicare is a secondary payer or the contract makes per diem or other periodic payments without regard to expenses. Amending 2011 tax return Qualified long-term care services. Amending 2011 tax return   Qualified long-term care services are: Necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and Maintenance or personal care services. Amending 2011 tax return The services must be required by a chronically ill individual and prescribed by a licensed health care practitioner. Amending 2011 tax return Worksheet 6-A. Amending 2011 tax return Self-Employed Health Insurance Deduction Worksheet Note. Amending 2011 tax return Use a separate worksheet for each trade or business under which an insurance plan is established. Amending 2011 tax return 1. Amending 2011 tax return Enter the total amount paid in 2013 for health insurance coverage established under your business for 2013 for you, your spouse, and your dependents. Amending 2011 tax return Your insurance can also cover your child who was under age 27 at the end of 2013, even if the child was not your dependent. Amending 2011 tax return But do not include the following. Amending 2011 tax return   Amounts for any month you were eligible to participate in a health plan subsidized by your or your spouse's employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. Amending 2011 tax return Any amounts paid from retirement plan distributions that were nontaxable because you are a retired public safety officer. Amending 2011 tax return Any amounts you included on Form 8885, line 4. Amending 2011 tax return Any qualified health insurance premiums you paid to “U. Amending 2011 tax return S. Amending 2011 tax return Treasury-HCTC. Amending 2011 tax return ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H. Amending 2011 tax return Any payments for qualified long-term care insurance (see line 2) 1. Amending 2011 tax return   2. Amending 2011 tax return For coverage under a qualified long-term care insurance contract, enter for each person covered the smaller of the following amounts. Amending 2011 tax return       a) Total payments made for that person during the year. Amending 2011 tax return       b) The amount shown below. Amending 2011 tax return Use the person's age at the end of the tax year. Amending 2011 tax return         $360— if that person is age 40 or younger          $680— if age 41 to 50         $1,360— if age 51 to 60         $3,640— if age 61 to 70         $4,550— if age 71 or older         Do not include payments for any month you were eligible to participate in a long-term care insurance plan subsidized by your or your spouse’s employer or the employer of either your dependent or your child who was under the age of 27 at the end of 2013. Amending 2011 tax return If more than one person is covered, figure separately the amount to enter for each person. Amending 2011 tax return Then enter the total of those amounts 2. Amending 2011 tax return   3. Amending 2011 tax return Add lines 1 and 2 3. Amending 2011 tax return   4. Amending 2011 tax return Enter your net profit* and any other earned income** from the trade or business under which the insurance plan is established. Amending 2011 tax return Do not include Conservation Reserve Program payments exempt from self-employment tax. Amending 2011 tax return If the business is an S corporation, skip to line 11 4. Amending 2011 tax return   5. Amending 2011 tax return Enter the total of all net profits* from: Schedule C (Form 1040), line 31; Schedule C-EZ (Form 1040), line 3; Schedule F (Form 1040), line 34; or Schedule K-1 (Form 1065), box 14, code A; plus any other income allocable to the profitable businesses. Amending 2011 tax return Do not include Conservation Reserve Program payments exempt from self-employment tax. Amending 2011 tax return See the Instructions for Schedule SE (Form 1040). Amending 2011 tax return Do not include any net losses shown on these schedules. Amending 2011 tax return 5. Amending 2011 tax return   6. Amending 2011 tax return Divide line 4 by line 5 6. Amending 2011 tax return   7. Amending 2011 tax return Multiply Form 1040, line 27, by the percentage on line 6 7. Amending 2011 tax return   8. Amending 2011 tax return Subtract line 7 from line 4 8. Amending 2011 tax return   9. Amending 2011 tax return Enter the amount, if any, from Form 1040, line 28, attributable to the same trade or business in which the insurance plan is established 9. Amending 2011 tax return   10. Amending 2011 tax return Subtract line 9 from line 8 10. Amending 2011 tax return   11. Amending 2011 tax return Enter your Medicare wages (Form W-2, box 5) from an S corporation in which you are a more-than-2% shareholder and in which the insurance plan is established 11. Amending 2011 tax return   12. Amending 2011 tax return Enter any amount from Form 2555, line 45, attributable to the amount entered on line 4 or 11 above, or any amount from Form 2555-EZ, line 18, attributable to the amount entered on line 11 above 12. Amending 2011 tax return   13. Amending 2011 tax return Subtract line 12 from line 10 or 11, whichever applies 13. Amending 2011 tax return   14. Amending 2011 tax return Enter the smaller of line 3 or line 13 here and on Form 1040, line 29. Amending 2011 tax return Do not include this amount when figuring any medical expense deduction on Schedule A (Form 1040). Amending 2011 tax return 14. Amending 2011 tax return   * If you used either optional method to figure your net earnings from self-employment from any business, do not enter your net profit from the business. Amending 2011 tax return Instead, enter the amount attributable to that business from Schedule SE (Form 1040), Section B, line 4b. Amending 2011 tax return * *Earned income includes net earnings and gains from the sale, transfer, or licensing of property you created. Amending 2011 tax return However, it does not include capital gain income. Amending 2011 tax return Chronically ill individual. Amending 2011 tax return   A chronically ill individual is a person who has been certified as one of the following. Amending 2011 tax return An individual who has been unable, due to loss of functional capacity for at least 90 days, to perform at least two activities of daily living without substantial assistance from another individual. Amending 2011 tax return Activities of daily living are eating, toileting, transferring (general mobility), bathing, dressing, and continence. Amending 2011 tax return An individual who requires substantial supervision to be protected from threats to health and safety due to severe cognitive impairment. Amending 2011 tax return The certification must have been made by a licensed health care practitioner within the previous 12 months. Amending 2011 tax return Benefits received. Amending 2011 tax return   For information on excluding benefits you receive from a long-term care contract from gross income, see Publication 525. Amending 2011 tax return Other coverage. Amending 2011 tax return   You cannot take the deduction for any month you were eligible to participate in any employer (including your spouse's) subsidized health plan at any time during that month, even if you did not actually participate. Amending 2011 tax return In addition, if you were eligible for any month or part of a month to participate in any subsidized health plan maintained by the employer of either your dependent or your child who was under age 27 at the end of 2013, do not use amounts paid for coverage for that month to figure the deduction. Amending 2011 tax return   These rules are applied separately to plans that provide long-term care insurance and plans that do not provide long-term care insurance. Amending 2011 tax return However, any medical insurance payments not deductible on Form 1040, line 29, can be included as medical expenses on Schedule A (Form 1040), Itemized Deductions, if you itemize deductions. Amending 2011 tax return Effect on itemized deductions. Amending 2011 tax return   Subtract the health insurance deduction from your medical insurance when figuring medical expenses on Schedule A (Form 1040) if you itemize deductions. Amending 2011 tax return Effect on self-employment tax. Amending 2011 tax return   For tax years beginning before or after 2010, you cannot subtract the self-employed health insurance deduction when figuring net earnings for your self-employment tax from the business under which the insurance plan is established, or considered to be established as discussed earlier. Amending 2011 tax return For more information, see Schedule SE (Form 1040). Amending 2011 tax return How to figure the deduction. Amending 2011 tax return   Generally, you can use the worksheet in the Form 1040 instructions to figure your deduction. Amending 2011 tax return However, if any of the following apply, you must use Worksheet 6-A in this chapter. Amending 2011 tax return You had more than one source of income subject to self-employment tax. Amending 2011 tax return You file Form 2555, Foreign Earned Income, or Form 2555-EZ, Foreign Earned Income Exclusion. Amending 2011 tax return You are using amounts paid for qualified long-term care insurance to figure the deduction. Amending 2011 tax return If you are claiming the health coverage tax credit, complete Form 8885, Health Coverage Tax Credit, before you figure this deduction. Amending 2011 tax return Health coverage tax credit. Amending 2011 tax return   You may be able to take this credit only if you were an eligible trade adjustment assistance (TAA) recipient, alternative TAA (ATAA) recipient, reemployment trade adjustment assistance (RTAA) recipient, or Pension Benefit Guaranty Corporation (PBGC) pension recipient. Amending 2011 tax return Use Form 8885 to figure the amount, if any, of this credit. Amending 2011 tax return   When figuring the amount to enter on line 1 of Worksheet 6-A, do not include the following. Amending 2011 tax return Any amounts you included on Form 8885, line 4. Amending 2011 tax return Any qualified health insurance premiums you paid to “U. Amending 2011 tax return S. Amending 2011 tax return Treasury-HCTC. Amending 2011 tax return ” Any health coverage tax credit advance payments shown in box 1 of Form 1099-H, Health Coverage Tax Credit (HCTC) Advance Payments. Amending 2011 tax return More than one health plan and business. Amending 2011 tax return   If you have more than one health plan during the year and each plan is established under a different business, you must use separate worksheets (Worksheet 6-A) to figure each plan's net earnings limit. Amending 2011 tax return Include the premium you paid under each plan on line 1 or line 2 of that separate worksheet and your net profit (or wages) from that business on line 4 (or line 11). Amending 2011 tax return For a plan that provides long-term care insurance, the total of the amounts entered for each person on line 2 of all worksheets cannot be more than the appropriate limit shown on line 2 for that person. Amending 2011 tax return Nondeductible Premiums You cannot deduct premiums on the following kinds of insurance. Amending 2011 tax return Self-insurance reserve funds. Amending 2011 tax return You cannot deduct amounts credited to a reserve set up for self-insurance. Amending 2011 tax return This applies even if you cannot get business insurance coverage for certain business risks. Amending 2011 tax return However, your actual losses may be deductible. Amending 2011 tax return See Publication 547. Amending 2011 tax return Loss of earnings. Amending 2011 tax return You cannot deduct premiums for a policy that pays for lost earnings due to sickness or disability. Amending 2011 tax return However, see the discussion on overhead insurance, item (8), under Deductible Premiums , earlier. Amending 2011 tax return Certain life insurance and annuities. Amending 2011 tax return For contracts issued before June 9, 1997, you cannot deduct the premiums on a life insurance policy covering you, an employee, or any person with a financial interest in your business if you are directly or indirectly a beneficiary of the policy. Amending 2011 tax return You are included among possible beneficiaries of the policy if the policy owner is obligated to repay a loan from you using the proceeds of the policy. Amending 2011 tax return A person has a financial interest in your business if the person is an owner or part owner of the business or has lent money to the business. Amending 2011 tax return For contracts issued after June 8, 1997, you generally cannot deduct the premiums on any life insurance policy, endowment contract, or annuity contract if you are directly or indirectly a beneficiary. Amending 2011 tax return The disallowance applies without regard to whom the policy covers. Amending 2011 tax return Partners. Amending 2011 tax return If, as a partner in a partnership, you take out an insurance policy on your own life and name your partners as beneficiaries to induce them to retain their investments in the partnership, you are considered a beneficiary. Amending 2011 tax return You cannot deduct the insurance premiums. Amending 2011 tax return Insurance to secure a loan. Amending 2011 tax return If you take out a policy on your life or on the life of another person with a financial interest in your business to get or protect a business loan, you cannot deduct the premiums as a business expense. Amending 2011 tax return Nor can you deduct the premiums as interest on business loans or as an expense of financing loans. Amending 2011 tax return In the event of death, the proceeds of the policy are generally not taxed as income even if they are used to liquidate the debt. Amending 2011 tax return Capitalized Premiums Under the uniform capitalization rules, you must capitalize the direct costs and part of the indirect costs for certain production or resale activities. Amending 2011 tax return Include these costs in the basis of property you produce or acquire for resale, rather than claiming them as a current deduction. Amending 2011 tax return You recover the costs through depreciation, amortization, or cost of goods sold when you use, sell, or otherwise dispose of the property. Amending 2011 tax return Indirect costs include premiums for insurance on your plant or facility, machinery, equipment, materials, property produced, or property acquired for resale. Amending 2011 tax return Uniform capitalization rules. Amending 2011 tax return   You may be subject to the uniform capitalization rules if you do any of the following, unless the property is produced for your use other than in a business or an activity carried on for profit. Amending 2011 tax return Produce real property or tangible personal property. Amending 2011 tax return For this purpose, tangible personal property includes a film, sound recording, video tape, book, or similar property. Amending 2011 tax return Acquire property for resale. Amending 2011 tax return However, these rules do not apply to the following property. Amending 2011 tax return Personal property you acquire for resale if your average annual gross receipts are $10 million or less for the 3 prior tax years. Amending 2011 tax return Property you produce if you meet either of the following conditions. Amending 2011 tax return Your indirect costs of producing the property are $200,000 or less. Amending 2011 tax return You use the cash method of accounting and do not account for inventories. Amending 2011 tax return More information. Amending 2011 tax return   For more information on these rules, see Uniform Capitalization Rules in Publication 538 and the regulations under Internal Revenue Code section 263A. Amending 2011 tax return When To Deduct Premiums You can usually deduct insurance premiums in the tax year to which they apply. Amending 2011 tax return Cash method. Amending 2011 tax return   If you use the cash method of accounting, you generally deduct insurance premiums in the tax year you actually paid them, even if you incurred them in an earlier year. Amending 2011 tax return However, see Prepayment , later. Amending 2011 tax return Accrual method. Amending 2011 tax return   If you use an accrual method of accounting, you cannot deduct insurance premiums before the tax year in which you incur a liability for them. Amending 2011 tax return In addition, you cannot deduct insurance premiums before the tax year in which you actually pay them (unless the exception for recurring items applies). Amending 2011 tax return For more information about the accrual method of accounting, see chapter 1. Amending 2011 tax return For information about the exception for recurring items, see Publication 538. Amending 2011 tax return Prepayment. Amending 2011 tax return   You cannot deduct expenses in advance, even if you pay them in advance. Amending 2011 tax return This rule applies to any expense paid far enough in advance to, in effect, create an asset with a useful life extending substantially beyond the end of the current tax year. Amending 2011 tax return   Expenses such as insurance are generally allocable to a period of time. Amending 2011 tax return You can deduct insurance expenses for the year to which they are allocable. Amending 2011 tax return Example. Amending 2011 tax return In 2013, you signed a 3-year insurance contract. Amending 2011 tax return Even though you paid the premiums for 2013, 2014, and 2015 when you signed the contract, you can only deduct the premium for 2013 on your 2013 tax return. Amending 2011 tax return You can deduct in 2014 and 2015 the premium allocable to those years. Amending 2011 tax return Dividends received. Amending 2011 tax return   If you receive dividends from business insurance and you deducted the premiums in prior years, at least part of the dividends generally are income. Amending 2011 tax return For more information, see Recovery of amount deducted (tax benefit rule) in chapter 1 under How Much Can I Deduct. Amending 2011 tax return Prev  Up  Next   Home   More Online Publications