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Medical deduction for health insurance premium paid under COBRA rules?

I started 2007 working as a consultant for a start-up company. I kept my health insurance from a previous employer paying the full monthly premiums under the COBRA rules. About mid-year the company hired me fulltime, but their healthcare plan wasn't as good as the one I had through my former employer. Because of this I stayed on that plan paying my monthly premiums under the COBRA rules. My company reimbursed me for the portion of the premium that they would have paid for me under their health plan (which amounted to about one half of what I paid for the COBRA plan). Tax question: What, if any, part of the COBRA insurance premiums I paid can be written off on a Schedule A under medical deductions?

Public Comments

1. The portion of the premiums that you paid from taxable income is deductible.
2. The premiums are deductible but must be reduced by the reimbusement. Medical expenses are subject to the 7.5% floor so you will take 7.5% of your adjusted gross income and the amount that exceeds that is deductible.
3. You'll need to reduce the amount of the premiums you paid with any reimbursements to come up with your deductible amount before any AGI limitations.