I Hate Dialysis Message Board

Dialysis Discussion => Dialysis: Medicare/Insurance => Topic started by: lmunchkin on February 06, 2012, 12:06:00 PM

Title: Can I deduct Cobra
Post by: lmunchkin on February 06, 2012, 12:06:00 PM

Can I deduct Cobra premiums off my taxes for 2011?  We have been making these High premiums through out the year from out of our own pocket. Can someone enlighten me on this? Total prem. paymts should be $12,000 for 2011. That is alot of money!

Thanks in advance,
lmunchkin
 :kickstart;

Title: Re: Can I deduct Cobra
Post by: msrosefromms on February 06, 2012, 12:44:11 PM

If you itemize deductions, you can deduct the insurace amount tgat is greater than 7.5of your adjusted income. You also may deduct mileage for medical, drug co-pay, eye glasses, all in the amount that exceeds 7.5% of your adjusted income. Uou must file Schedule B, itemized deductions.