Can I deduct my COBRA insurance premiums?

Premiums for COBRA insurance are tax deductible, as they are paid entirely by you on an after-tax basis. If you buy medical coverage through an insurance marketplace, then premiums would be tax deductible as a medical expense.

Can an independent contractor deduct health insurance premiums?

Most self-employed taxpayers can deduct health insurance premiums, including age-based premiums for long-term care coverage. If you are self-employed, you may be eligible to deduct premiums that you pay for medical, dental and qualifying long-term care insurance coverage for yourself, your spouse and your dependents.

Can my business pay my COBRA premiums?

Yes, an employer can pay all or part of a former or current employee’s COBRA premiums. Since there is no guarantee that the employee will use the funds to pay the premiums, the funds are considered wages and subject to applicable taxes.

Can you deduct Medicare premiums if self-employed?

If you’re self-employed and receive Medicare, you may be able to deduct all your Medicare insurance premiums. The IRS has recently ruled that Medicare recipients who have self-employment income may deduct the premiums they pay for Medicare coverage, the same as the premiums for any other type of health insurance.

Can a self employed person deduct Cobra premiums?

By IRS rules, COBRA premiums are deductible whether you’re self-employed or a business partner. The Internal Revenue Service allows self-employed individuals to deduct their health insurance premiums, with some conditions.

Can an independent contractor deduct monthly health insurance premiums?

I may become a part-time individual contractor, self employed. I will have to do my own estimated taxes and probably have quarterly tax payments during the year. Under the new tax laws, 2019 health insurance premiums are deductible for self employment. So, as a federal retiree, I still have health insurance coverage.

Is the Cobra deductible on 1040 Line 29?

COBRA premiums are not deductible on 1040 line 29; to qualify, the IRS says the insurance plan must be in your name (COBRA is in your former employer’s name).

Can you keep COBRA insurance if you lose your job?

If you lose or leave your job, you may be able to keep your workplace health insurance through [&COBRA&] temporarily. The [&premiums&] can be expensive when they’re no longer subsidized by your former employer — however, your [&COBRA&] insurance costs may be [&tax&] [&deductible&]. Written by: Christy Rakoczy Bieber.