My wife is self employed and paid ins premiums thru a Cobra plan. Can she deduct those premiums?

[Marketstar · Accepted solution]

Unfortunately, she cannot deduct Cobra insurance premiums as a self employment expense:

• To deduct health insurance as a business expense, the policy must be in your name or the business name

• Your deduction for self-employed health insurance is limited to net income on your Schedule C less the deductible part of your self-employment tax (Form 1040 line 29), less contributions to a qualified retirement plan (TurboTax will calculate this for you)

• You can't include premiums for any month you were also eligible to participate in any subsidized health plan maintained by your employer or your spouse’s employer.

• However, payments for those months are deductible on Schedule A if you itemize deductions