Deducting COBRA health insurance premiums

[lccat1]

Can I deduct COBRA health insurance premiums I paid after leaving my employer?

[IreneS · Accepted solution]

UPDATED FOR TAX YEAR 2019

Yes.  You can deduct the amount you paid for COBRA premiums under medical expenses. 

Please keep in mind the following about deducting your medical expenses, including health insurance:

• You don't get the benefit if you are taking the standard deduction.
• If you itemize deductions, you will only be able to take total medical expenses that are greater than 7.5% of your adjusted gross income if you are age 65 or over. 

To enter your medical expenses in TurboTax, please follow these steps:

1. Click on Federal Taxes > Deductions & Credits  [In TT Self-Employed:  Personal > Deductions & Credits > I'll choose what I work on].
2. In the Medical section, click on the Start/Revisit box next to Medical Expenses.  
3. If you haven't yet entered any medical expenses, TurboTax will ask you if your total medical expenses exceed a certain number.  [That's the 7.5% AGI mentioned above.]    
4. If you think your total medical expenses will exceed that number, click the blue Yes box and continue through the interview, entering the requested information on your medical expenses.

[Edited | 3/20/2020 |  12:57 pm PDT]

[Xian2]

is this true even when I used the funds in HSA account to pay for the COBRA premiums?

[SeanR2]

Do you have to be 65 or over to deduct the Cobra Insurance as Medical deduction?

[xmasbaby0]

No you do not have be 65 or older to enter COBRA payments as a medical deduction.

MEDICAL EXPENSES

The medical expense deduction has to meet a rather large threshold before it can affect your return. The amount of medical (including dental, vision, etc.)  expenses that will count toward itemization is the amount that is OVER 7.5% of your adjusted gross income. You should only enter the amount that you paid in 2019—do not include any amounts that were covered by insurance or that are still outstanding. Of course, your medical expenses plus your other itemized deductions still have to exceed your standard deduction before you will see a difference in your tax due or refund.

To enter your medical expenses go to Federal>Deductions and Credits>Medical>Medical Expenses

[Nancjnsn]

And if your under 65 is it still 10% of AGI

[Critter-3]

@Xian2 

NOTHING you pay with an HSA  can  also be claimed as a Sch A deduction ... that would be double dipping.