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Submitted By: someone
Answered: February 6, 2018 8:57 pm
Answered: February 6, 2018 8:57 pm
I’m self-employed and have been paying COBRA for the last six months. Can I deduct these payments as an adjustment to gross income rather than as an itemized deduction?
Self-employed individuals can deduct premiums for their health coverage as an above-the-line deduction under certain conditions; no itemizing is required. While the IRS has never specifically said the COBRA premiums count as self-employed health insurance, it appears to be deductible as an above-the-line deduction for a self-employed individual paying these premiums.
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Tax Glossary
Withholding
An amount taken from income as a prepayment of an individual’s tax liability for the year. In the case of wages, the employer withholds part of every wage payment. Backup withholding from dividend or interest income is required if you do not provide the payer with a correct taxpayer identification number. Withholding on pensions and IRAs is automatic unless you elect to waive withholding.
