Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
aharris920
New Member

Can I deduct Cobra insurance premiums I paid while unemployed?

 
1 Best answer

Accepted Solutions
jerry2000
Alumni

Can I deduct Cobra insurance premiums I paid while unemployed?

Premiums for medical insurance and medical expenses that you pay out of pocket with after-tax money are deductible as a medical expense itemized deduction. That may or may not provide a tax benefit. First, only the amount of such expenses  that is more than 10% of your Adjusted Gross Income (7.5% if over 64) is actually deductible. And, itemized deductions provide no tax benefit until all of them added together are more than the standard deduction for your filing status.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.

View solution in original post

3 Replies
jerry2000
Alumni

Can I deduct Cobra insurance premiums I paid while unemployed?

Premiums for medical insurance and medical expenses that you pay out of pocket with after-tax money are deductible as a medical expense itemized deduction. That may or may not provide a tax benefit. First, only the amount of such expenses  that is more than 10% of your Adjusted Gross Income (7.5% if over 64) is actually deductible. And, itemized deductions provide no tax benefit until all of them added together are more than the standard deduction for your filing status.
2016 Standard Deduction
Taxpayer under 65, not claimed as a dependent
$6,300 for Single
$12,600 for Married Filing Jointly, or Qualifying Widow(er) with dependent child
$9,300 for Head of Household
$6,300 for Married Filing Separately
For over 65 or blind, add $1,250 for each instance or add
$1,550 each instance if single and not a surviving spouse.
sjwhite76
New Member

Can I deduct Cobra insurance premiums I paid while unemployed?

How do I enter both Cobra premiums and partial year MNSure information?
Critter
Level 15

Can I deduct Cobra insurance premiums I paid while unemployed?

Of course ... all health insurance premiums paid out of pocket by you are deductible medical expenses on the Sch A if you itemize deductions. 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.48m
Members

2.61m
Discussions

Manage cookies
v