Submitted By: someone
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

Accelerated cost recovery system (ACRS)

A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.

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