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For those of us here doing IVF...


Forum: Trying to Conceive Your First Child

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  • 3 Post By IndyMommyWannabe
  • 1 Post By Cait&AngelAbove
  • 1 Post By kbpeanut
  • 1 Post By IndyMommyWannabe

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  #1  
February 15th, 2012, 10:21 AM
IndyMommyWannabe's Avatar Always Hoping & Praying
Join Date: Feb 2011
Location: Indiana
Posts: 1,749
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!!!
kbpeanut, Nicholle ttc and Belita like this.
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TTC since March 2010 (too darn long) - 4 years, 2 months and counting... / Severe MFI / Stage 1 Endometriosis

IVF=ONLY option

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!"

Come visit my blog/journal to learn more about our journey - Our Adventure through Infertility
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  #2  
February 15th, 2012, 11:04 AM
KatieKat's Avatar TTC #1
Join Date: Sep 2011
Posts: 1,570
Nice! (well not nice you have to pay $14000 - but pretty sweet you can claim it!). That's a significant tax deduction!
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  #3  
February 15th, 2012, 11:26 AM
IndyMommyWannabe's Avatar Always Hoping & Praying
Join Date: Feb 2011
Location: Indiana
Posts: 1,749
I know! When my husband heard that - it made him relax (even if just a little) about having to take out a credit card to get pregnant...lol
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TTC since March 2010 (too darn long) - 4 years, 2 months and counting... / Severe MFI / Stage 1 Endometriosis

IVF=ONLY option

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!"

Come visit my blog/journal to learn more about our journey - Our Adventure through Infertility
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  #4  
February 15th, 2012, 11:43 AM
Cait&AngelAbove's Avatar Platinum Supermommy
Join Date: Feb 2010
Location: South Carolina
Posts: 10,629
That is awesome!!!
IndyMommyWannabe likes this.
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  #5  
February 15th, 2012, 01:34 PM
kbpeanut's Avatar Scooter!
Join Date: Jul 2009
Location: san diego, ca
Posts: 12,175
THAT is awesome! We are in the exact same boat - and i would have never, ever thought of that. THANK YOU for sharing!
IndyMommyWannabe likes this.
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  #6  
February 15th, 2012, 02:30 PM
IndyMommyWannabe's Avatar Always Hoping & Praying
Join Date: Feb 2011
Location: Indiana
Posts: 1,749
@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)...
__________________
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TTC since March 2010 (too darn long) - 4 years, 2 months and counting... / Severe MFI / Stage 1 Endometriosis

IVF=ONLY option

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!"

Come visit my blog/journal to learn more about our journey - Our Adventure through Infertility
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  #7  
February 15th, 2012, 03:23 PM
Tammyms's Avatar Platinum Supermommy
Join Date: Jun 2009
Location: Edmonton AB, Canada
Posts: 6,451
Just so you ladies know, if there is no treatment available to you close to home you should also be able to claim travel and meal costs
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  #8  
February 15th, 2012, 03:34 PM
IndyMommyWannabe's Avatar Always Hoping & Praying
Join Date: Feb 2011
Location: Indiana
Posts: 1,749
Quote:
Originally Posted by Tammyms View Post
Just so you ladies know, if there is no treatment available to you close to home you should also be able to claim travel and meal costs
Yup! Mileage to/from the hospital is included as well!!!

here's a link to the IRS website for information on it...

Publication 502 (2011), Medical and Dental Expenses

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)
Tammyms likes this.
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TTC since March 2010 (too darn long) - 4 years, 2 months and counting... / Severe MFI / Stage 1 Endometriosis

IVF=ONLY option

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!"

Come visit my blog/journal to learn more about our journey - Our Adventure through Infertility
Reply With Quote
  #9  
February 15th, 2012, 06:53 PM
blueeyes25s's Avatar Expecting #1
Join Date: Oct 2009
Location: Green Bay, WI
Posts: 4,186
That is great news that it's tax deductable!
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