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.

Tax Glossary

Qualified plan

A retirement plan that meets tax law tests and allows for tax deferment and tax-free accumulation of income until benefits are withdrawn. Pension, profit-sharing, stock bonus, employee stock ownership, and Keogh plans and IRAs may be qualified plans.

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