Can I deduct COBRA premiums?

Q: I work as an independent contractor. I still access health insurance through my previous employer's COBRA plan. Am I allowed to deduct the premiums? --John

The following answer was provided by Mark Misselbeck, CPA, Levine Katz Nannis & Solomon PC, Needham.

A: You may claim the premiums as Self-Employed Health insurance on page 1 of your Form 1040 for the period that you were self-employed. There is a worksheet in the instructions for the return that will help you calculate if there is a limitation on the deduction (usually, that would be the profit from your business). You may want to get a copy of Publications 17 and 338 from the IRS. Call 1-800-829-3636. MA also allows this deduction.