Notice 2008-1 provides rules under which a 2 percent shareholder/employee in an S corporation is entitled to the deduction under Section 162(l) for accident and health insurance premiums paid or reimbursed by the S corporation and included in a shareholder or employee's gross income.

Eligible taxpayers who haven't claimed deductions may file timely amended tax returns to claim the deduction. The statement "Filed Pursuant to Notice 2008-1" should be written on the top of the amended return.

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