I left my real job to work for me and my husbands business. I elected to take the Cobra from my previous job at about $450 per month. I can deduct this?
2007-04-12 05:15:01 · 3 answers · asked by FreakyGeeky 3 in Business & Finance ➔ Taxes ➔ United States
Yes, if you itemize, you turn this in under the Medical and insurance payments. However, your medical expenses must be 7.5 % or more of your income.
Go to:
http://search.irs.gov/web/query.html?col=allirs&charset=utf-8&qp=&qs=-Wct%3A%22Internal+Revenue+Manual%22&qc=&qm=0&rf=0&oq=&qt=medical
2007-04-12 07:04:33 · answer #1 · answered by littlebettycrocker 4 · 1⤊ 0⤋
If you itemize, health insurance including COBRA can be deducted as a medical expense. The only part of medical expenses you can deduct is the amount over 7.5% of your AGI.
2007-04-12 19:59:08 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Only if you itemize on schedule 1040 A. See http://www.bankrate.com/brm/itax/tax_adviser/20040601a1.asp
2007-04-12 12:18:54 · answer #3 · answered by khrome_wind 5 · 0⤊ 0⤋