I am self-employed and have a question about my COBRA payments. Are COBRA payments tax deductible as part of the self-employed health insurance deduction?
COBRA payments and health insurance deductions are often confused. People frequently ask, “is COBRA health insurance tax deductible” and the answer is no the COBRA payments are not tax deductible.
You can claim the standard deduction or itemized deductions to lower your taxable income. The standard deduction lowers your income by one fixed amount. On the other hand, itemized deductions are made up of a list of eligible expenses. You can claim whichever lowers your tax bill the most.
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