I'm retired and paying COBRA for my insurance through my former employer. Can this help to reduce my taxes in any way?

The only possible tax breaks for your situation is that your Cobra premiums are deductible as Medical expenses in Schedule A - Itemized deductions.

 

For tax year 2022, Medical Expenses are subject to the 7.5% rule and you can only claim the excess over 7.5% of your Adjusted Gross Income.

 

Please note that Itemized Deductions will only benefit your taxes when they exceed your standard deduction.

 

For 2022, standard deductions are:

For a taxpayer under 65, not claimed as a dependent

• $12,950 for Single
• $25.900 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
• $19,400 for Head of Household
• $12,950 for Married Filing Separately
• If you are over 65 or blind, add $1,400 for each instance if married or add $1,750 each instance if single or head of household 

 

You can enter Medical expenses by following these steps:

1. In TurboTax, open your tax return
2. Click on Federal in the left-hand column, then on Deductions & Credits
3. Continue and locate the section Medical and click on Show more 
4. Click Start next to Medical Expenses.