2007-04-07 09:02:03 · 3 answers · asked by Jo T 1 in Business & Finance ➔ Taxes ➔ United States
yes they are.
2007-04-07 10:04:35 · answer #1 · answered by Ola 4 · 0⤊ 1⤋
On Schedule A Itemised Deductions, you can include the Cobra payments in the section regarding medical premiums. However, you will only gain the benefit of a deduction if the total of your Medical Expenses is greater than 7.5% of your Adjusted Gross Income (AGI). If you manage to have medical expenses (including your Cobra payments) greater than 7.5% of your AGI (which should be on #38 of your 1040), then you will get to claim the excess as a deduction.
For example, say you have an AGI of $40,000, Cobra payments of $2,000 and co-pay and prescription expenses of $1,500. Your total medical expenses are $3,500. 7.5% of your AGI is $3,000. That means you'll have a $500 deduction on Schedule A.
2007-04-07 16:14:43 · answer #2 · answered by Heather 2 · 3⤊ 1⤋
Yes, as medical expense deductions on Schedule A. Medical expense deductions are subject to a 7.5% AGI limitation.
2007-04-07 16:08:16 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋