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by quatrevingts 5226 days ago
Plus, COBRA payments are (generally) not tax-deductible, so add another 30-40% more.
2 comments
buff-a 5226 days ago
A self-employed person can deduct health expenses against gross income. You are correct in that COBRA cannot be deducted in this way. But it can still be taken as an itemized deduction. I'm not a tax accountant, but my tax accountant is. Another gotcha: if you're taking the 60% markdown on COBRA from Obama, then no, you're not allowed to write it off at all, but I wouldn't be complaining about that.
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quatrevingts 5224 days ago
Only the portion which is greater than 7.5% of your gross income can be deducted on Schedule A.
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driverdan 5222 days ago
If you have a HDHP with an HSA you can pay COBRA from the HSA tax free.
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