I paid cobra premiums Jan-Dec for my Healthcare in 2013 - are these payments tax deductible?
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Hello pattersj,
I found some information for you about deducting COBRA premiums. I hope this helps!
If you are paying the COBRA premiums with out of pocket funds, you can deduct the premiums paid as an eligible medical expense on Schedule A as an itemized deduction. Only your total medical expenses greater then 10% of your AGI can be deducted if you are under the age of 65. If you are age 65 or older then the AGI limit is 7.5%. Your total itemized deductions must be greater then your standard deduction to have any tax benefit.
If you need further assistance or have any other questions about your return please feel free to comment on here and I will help you as best as I can. Goodluck! Have a wonderful day!
Thank You for choosing TurboTax,
Rachael
Yes, you enter these as health insurance premiums in Deductions & Credits, under Medical Expenses.
What's COBRA then?
Health Savings Account
Medical Savings Account
Medicare Advantage MSA
None of the Above?
None of the above. Cobra is the continuation of health insurance. The premiums paid for Cobra are a deductible medical expense, (assuming you are itemizing and meet the threshold).
Alright, so COBRA premium payments, as a continuation of my coverage, are deductible medical expenses then?
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