If I can deduct Medicare premiums from self-employment income, why can't I deduct Cobra premiums? Seems like an inconsistent policy.
I can't do a regular deduction of Cobra premiums because my total deductions are below $12,550.
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If you are self-employed, you cannot deduct your COBRA premiums as Self-employed Health insurance as the IRS requires that the insurance policy must be in your own name or your business name for the premiums to be deductible as Self-employed health insurance. Medicare premiums are for a policy under your own name.
The COBRA plan is under the name of the employer providing you the coverage.
Cobra premiums are deductible as Medical expenses.
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 "help" when they exceed your standard deduction.
If you are self-employed, you cannot deduct your COBRA premiums as Self-employed Health insurance as the IRS requires that the insurance policy must be in your own name or your business name for the premiums to be deductible as Self-employed health insurance. Medicare premiums are for a policy under your own name.
The COBRA plan is under the name of the employer providing you the coverage.
Cobra premiums are deductible as Medical expenses.
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 "help" when they exceed your standard deduction.
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