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

[lisamarie11]

I'm under 60 years of age, not eligible for Medicare/Medicaid.  

[MinhT1]

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.