Question

I paid my own healthcare insurance premiums but I don't see where it can be entered

Forum|Forum|5 years ago
February 22, 2021
1 reply
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Hello, I paid $24k in insurance for my family in 2020, via Cobra from my last company. I haven't been able to figure out where in the step by step I can enter the amounts to deduct this, can you help? My net income exceeded this amount in case you were going to ask. Is this no longer deductible?

Thanks!

TurboTax Home & Biz Windows

Kat11_2

Employee

Are you now self-employed, and asking if these COBRA payments can be deducted as the self-employed health insurance deduction?

If that's your question: The IRS is quite specific in Publication 535.

"For self employed individuals filing a Schedule C (Form 1040) of Form F (Form 1040), a policy can be either in the name of the business or in the name of the individual." Since your COBRA plan is still under the name of your former employer, these COBRA payments do not qualify as a self-employed health insurance deduction.

That said, the insurance premiums CAN be deducted as a qualified medical expense if you itemize deductions on Schedule A.

Here's a link to Publication 535.

Publication 535 (2020), Business Expenses | Internal Revenue Service (irs.gov)

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***