1824584
I paid for COBRA out of my own pocket all twelve months of 2020. I was employed Jan - March. My employer offered coverage, but my COBRA was subsidized by my previous employer, so I stayed with my COBRA coverage. I started working again in September. This employer offered coverage (there may/may not have been at 60 or 90 day waiting period). For September - December my COBRA was no longer subsidized, and I was paying out the nose for it.
Can I deduct any of these premiums? If so, how? Is this a medical expense? Where in TurboTax do I enter my health insurance premiums?
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While the premium costs paid by you are a medical deduction you must itemize to deduct them. You can only deduct an amount of total medical expenses greater than 7.5 percent of your AGI.
While the premium costs paid by you are a medical deduction you must itemize to deduct them. You can only deduct an amount of total medical expenses greater than 7.5 percent of your AGI.
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