Home Improvement Contractor - Licensed Contractors
As an independant contractor (I receive a 1099) can I deduct my heath insurance via COBRA?
I'm asking this question because I heard differing opinions. I am an IT independent contractor that receives a 1099 from my employer. We used to get insurance through my wife's company. When we had our first child last year, she quit to stay home with the baby and we went on COBRA through her old company. I heard somewhere that self-employed people can deduct their health insurance, but I heard from others that we couldn't? I just wanted to know if anyone knew for sure? Thanks
Public Comments
- You are entitled to deduct health insurance premium you paid as a deduction. COBRA is the health insurance you paid out-of-your own pocket, which is a deduction to you. Regarding which Form to claim this health premium expesne, you could claim it on your Schedule C since you are an independent contractor receiving a 1099.
- Yes, because you have a right to COBRA even though your wife may choose not to take it. So the family COBRA coverage can be considered your coverage. I would suggest you write the insurance checks or at least have it come out of a joint account. 100% deductible on Schedule C.
