If you are paying the COBRA premiums with out of pocket funds,
you can deduct the premiums paid as an eligible medical expense on
Schedule A as an itemized deduction. Only your total medical expenses
greater then 10% of your AGI can be deducted if you are under the age of
65. If you are age 65 or older then the AGI limit is 7.5%. Your total
itemized deductions must be greater then your standard deduction to
have any tax benefit.
- Go to Federal Taxes.
- Click on the Deductions and Credits tab.
- Click on Explore on My Own.
- Scroll down to Medical.
- On Medical Expenses, select the start/update button.
- Follow the prompts.
