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I don't know what all the tax laws are per different states...but I just had to share how excited I am to have found out from our accountant last night - next year, when we do our taxes...since WE are paying for the IVF out of pocket (even with a credit card...) it will be tax deductible!!!! Because it's "medical expenses" paid Out of Pocket!
still sucks I have to spend $14,000 to try to get pregnant but that def. softens the blow!!!
@Karin - well, I was curious because I always look down the tax list of what's deductable and what's not...plus we go to an accountant to have ours done (we have a lot of stuff we can't do ourselves...)
So I asked him last night and he double checked and yup - he said that it IS tax deductable (as long as you are paying for it Out Of Pocket)...
TTC since March 2010 (too darn long) - 4 years, 2 months and counting... / Severe MFI / Stage 1 Endometriosis
October 2012 = Fresh IVF #1 - retrieved 8, 6 fertilized. Transfer 2. Fail.March 2013 = Frozen #1 - Transfer 2 of 4 left. Fail.
February 2014 = Frozen #2 - Transfer remaining 2 - IMPLANTATION!
8 weeks, D&C - blighted ovum - Triploidy
July 2014 = Fresh IVF #2!
"Sometimes the bad things that happen in our lives put us directly on the path to the best things that will ever happen to us!"
Basically, from what I see - anything up to 7.5 % of your AGI (annual gross income) is not covered - but anything OVER that is...so if you make $100,000 you can not claim $7,500 of that...(I think)..
However - if you do (from what I can tell) end up itemizing this - you should also include anything else that you pay out of pocket, medical wise too...
for example - I wear a hearing aid - and BATTERIES are tax deductable - which, obviously would never be anywhere near the deduction amount being $10 here and there...but adding my 5 - 6 cases of batteries I buy per year WILL be.
Now - i am using an FSA (flexible spending account) for my acupuncture...and other things (it's got $2750 on it this year) so anything I pay with that card is NOT tax deductable - but if I pay for a session out of pocket, I can keep that information and that'd deductable too!
Again, normally it's not easy to deduct medical expenses - but with the cost of IVF being around OR MORE $10K - aninsaneamountofmoney$$$ you bet your butt i'm going to make sure I keep every last receipt for EVERYTHING this year...medical, dental, fertility, you name it!
as long as - again - it's all Out of Pocket (if insurance pays or if your FSA pays it's not deductable)