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Solved

Deducting COBRA payments

Forum|Forum|4 years ago
March 31, 2022
1 reply
0 views

I am a owner/partner in an S-Corp that I actively work for and receive W2, also receive a K1 from the company that I "pass thru" income/loss on my personal return. I have included COBRA payments in my Itemized Deductions as a Medical expense but now completing Wages/ & Income section under Federal Taxes and have come to "Self-employed Health Insurance Premiums" question where TT is asking for my W2 "Medicare wages" and then my "Health Insurance premiums I paid personally"...can/should I enter payments I made out of pocket for COBRA insurance coverage in this box? Or would this be "double claiming" the COBRA payments?

Best answer by MinhT1

COBRA premiums are not deductible if you're self-employed because the IRS requires that the insurance plan is under your name or the name of your business, which cannot be the case for Cobra premiums.

Cobra premiums can be deducted as Medical expenses in Itemized deductions (Schedule A).

MinhT1Answer

COBRA premiums are not deductible if you're self-employed because the IRS requires that the insurance plan is under your name or the name of your business, which cannot be the case for Cobra premiums.

Cobra premiums can be deducted as Medical expenses in Itemized deductions (Schedule A).

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mrmcmurryAuthor

I was certainly beginning to think that was the case but guess I needed to hear someone else say it...thanks very much MinhT1!