I resigned from a company in June 2016. I started working as independent contractor for another company in August. I kept the health and dental insurance plans using COBRA. The monthly premiums are very high. TT tells me self-employed persons can claim the health plan premiums as expenses. Can I claim the health (and dental?) plan premiums from August to December as expenses even though it is through COBRA? How about the premiums paid in July where I did not have a project?
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No.
COBRA premiums are not deductible as part of the self-employed health insurance deduction. COBRA premiums are considered employer provided health insurance premiums. For premiums to qualify for the self-employed health insurance deduction, the plan needs to be set up as follows:
No.
COBRA premiums are not deductible as part of the self-employed health insurance deduction. COBRA premiums are considered employer provided health insurance premiums. For premiums to qualify for the self-employed health insurance deduction, the plan needs to be set up as follows:
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