I am looking for any information that anyone out in Blogland has about the tax deductability of an IVF shared risk program. Is it included in the medical and dental expenses deduction even though the patient is not paying the provider?
Any info is greatly appreciated.
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I have no idea. Sorry. I do know that medical expenses have to be pretty high before they can be tax deductible. We can never deduct any of my husband's diabetes expenses even though we pay thousands out of pocket every year.
As Jen said, medical expenses have to be pretty high - specifically, expenses above 7.5% of adjusted gross income (AGI) are deductible on your tax return. For example, if your combined AGI (with your husband) is $100,000, your medical expenses have to exceed $7,500 to even begin to deduct them, and at that point you can only deduct the portion above and beyond the initial 7.5% (or $7,500 in this case). And yes, IVF is an eligible medical expense.
I, too, am attempting IVF in the new year and will be ineligible to deduct the out-of-pocket costs as my husband and I make too much money (combined)....I remind myself that we are lucky to be able to afford it in the first place. Also, I'm running as much as I can through the flexible spending account (FSA) at my job so at least most of it's pre-tax dollars...
What pp said is true. However, something else you may or may not know - EVERYTHING medical can be included in that 7.5% - including things like over the counter cough medicine. And contact solution. Asprin. All of it. It's a PIA to keep track of but if you think you might meet the 7.5% limit it can be worth keeping those little receipts because they add up.
Also, another way to make IVF tax deductible is to pay for it through a Flexible SPending account if your company offers one. That is a FABULOUS way to get around the 7.5% limitation.
What to hear something really FUBAR? We put $4K into our flex account this year and we had so many medical costs that we're STILL going to be able to deduct some on our taxes too. Yuck!
Yes, and even acupuncture is deductable too. I'll be adding that to my list - and everything else possible!
There's actually a whole separate federal document re: medical expenses which details what is allowed and not allowed. It is available if you go to the IRS website and search in the tax forms.
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