Question

health insurance deduction

Forum|Forum|6 years ago
February 7, 2020
1 reply
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I am self-employed. My wife is retired and was able to keep the company health insurance for both of us but has to pay 100 % of the premium. Can we deduct the premium from our taxes

S

StratigosA08

You can only deduct the portion of the COBRA you pay for YOUR insurance premiums as an adjustment to your income on your tax return. You cannot include that portion of the premium that relates to your wife.

If you itemize your deductions and do not claim 100% of your self-employed health insurance costs on your Form 1040, you may include the rest with all other medical expenses on Schedule A, subject to the 7.5% of Adjusted Gross Income limit (for 2017 through 2019 under the Tax Cuts and Jobs Act). The limit goes back up to 10% of AGI in 2020.