JustMommies Message Boards

JustMommies Message Boards (http://www.justmommies.com/forums/)
-   Trying to Conceive Your First Child (http://www.justmommies.com/forums/f131-trying-to-conceive-your-first-child/)
-   -   For those of us here doing IVF... (http://www.justmommies.com/forums/f131-trying-to-conceive-your-first-child/2489923-for-those-us-here-doing-ivf.html)

IndyMommyWannabe February 15th, 2012 10:21 AM

For those of us here doing IVF...
 
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!!!

KatieKat February 15th, 2012 11:04 AM

Re: For those of us here doing IVF...
 
Nice! (well not nice you have to pay $14000 - but pretty sweet you can claim it!). That's a significant tax deduction!

IndyMommyWannabe February 15th, 2012 11:26 AM

Re: For those of us here doing IVF...
 
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

Cait&AngelAbove February 15th, 2012 11:43 AM

Re: For those of us here doing IVF...
 
That is awesome!!!

kbpeanut February 15th, 2012 01:34 PM

Re: For those of us here doing IVF...
 
THAT is awesome! We are in the exact same boat - and i would have never, ever thought of that. THANK YOU for sharing!

IndyMommyWannabe February 15th, 2012 02:30 PM

Re: For those of us here doing IVF...
 
@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)...

Tammyms February 15th, 2012 03:23 PM

Re: For those of us here doing IVF...
 
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 :)

IndyMommyWannabe February 15th, 2012 03:34 PM

Re: For those of us here doing IVF...
 
Quote:

Originally Posted by Tammyms (Post 25627613)
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)

blueeyes25s February 15th, 2012 06:53 PM

Re: For those of us here doing IVF...
 
That is great news that it's tax deductable!


All times are GMT -7. The time now is 11:39 PM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright © 2003-2012 JustMommies.com, All Rights Reserved.