Are post-tax COBRA payments tax deductible on your income tax return?

Question

I believe that post tax COBRA health insurance payments are tax deductible on your income tax return under the health deductions, but I am not sure. I know that you have to have 7.5% (i think) of your income for the health cost deduction to kick in, but do COBRA health insurance payments count toward those deductions?

Please provide any links to proof of the deduction.

Thanks (I'll pick a best answer ASAP)

This is for USA income tax.

Answer 1

check irs.gov...go 2 forms & publications, then instructions 4 sched. A. after tax COBRA pymts are tax deductible after a certain amount. just remember, if u ordinarily cannot itemize sched. A, COBRA deductions wont be an advantage. dont leave out anything...prescriptions, visits, contacts, eyeglasses, mileage or gas - not both, dentists, braces, etc. every little bit can help. if u're healthy, u may not have these additional medical expenses (count your blessings), but gather all your information and be sure 2 get all u're entitled 2.

Answer 2

Are Cobra Payments Tax Deductible

Answer 3

Is Cobra Tax Deductible

Answer 4

This Site Might Help You.

RE:
Are post-tax COBRA payments tax deductible on your income tax return?
I believe that post tax COBRA health insurance payments are tax deductible on your income tax return under the health deductions, but I am not sure. I know that you have to have 7.5% (i think) of your income for the health cost deduction to kick in, but do COBRA health insurance payments count...

Answer 5

COBRA payments are included in the out-of-pocket medical expenses that you are allow to "write-off" on line 1 of your Schedule A. You don't get to include the first 7.5% of your adjust gross income (AGI) unfortunately. What is that? It is amount on the bottom line of the front page of your 1040. Say your AGI is $50,000. Then the 1st $3,750 of medical expenses won't affect your schedule A.

Don't forget to include all medical expenses. Most people don't realize all that is included. Among the items are mileage to and from all medical events (doctors, pharmacies, etc.) as well as prescription eyeglass and contacts. Even the cleaning fluids are deductible. For a complete list of deductions, see Publication 502 from the IRS (attached link) starting on page 4.

One final note, you will take whatever is more advantageous to you, your Schedule A or your standard deduction. It is possible that even if your medical expenses exceed 7.5% of your AGI, your Schedule A will not be enough to make a difference.

Hope this helps and hope you find a job soon and get off of that damn COBRA!

Answer 6

Absolutely. They are medical premiums. Here's a list of deductible expenses as long as they are not pre tax. I will be deducting COBRA payments this year also:
http://www.irs.gov/instructions/i1040sa/ar01.html#d0e96

Answer 7

Yes, but only if you itemize, and like you say, for the amount that those payments plus any other medical deductions exceed 7.5% of your income.