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.
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For individual taxpayers, Schedule A is used in conjunction with Form 1040 to report itemized deductions. If you choose to claim itemized deductions instead of the standard deduction, you would use Schedule A to list your deductions. Your itemized total is then subtracted from your taxable income.