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COBRA premiums would be deductible as itemized medical expenses subject to the 7.5% threshold. To enter them select the following:
Itemized expenses include mortgage interest, charitable contributions, state and local taxes up to $10,000, medical expenses in excess of 7.5% of your AGI and casualty and losses in excess of 10% of you AGI with the first $100 not counting towards the loss. Your health insurance and all medical expenses are only deductible for the amount that is over 7.5% of your AGI. This means if your AGI is $50,000, then the amount that is over $3,750 is deductible.
Then your total itemized expenses would need to be greater than your standard deduction below in order to benefit from your insurance premium payments.
The 2023 Standard Deductions are as follows:
Blind and MFJ or MFS add $1,500
Single or HOH if blind add $1,850
Standard versus Itemized Deduction
Thank you for the quick reply. With your guidance I finally found where to put in the figure. It was buried several clicks in.
Given the high number of people being laid off in the USA and those on ACA policies I would hope that TurboTax would make it easier for us to input our premiums.
Thanks for the help.
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