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ladies, please read this, money you spend on ivf/infertilty is tax deductible

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LIF Zygote

Member since 8/08

44 total posts

Name:

ladies, please read this, money you spend on ivf/infertilty is tax deductible

i saved receipts for ALL medical related payments that i made, including IVF, PGD, eye exam, contact lenses, eyeglasses, copays, gas to go to the office, etc. etc...

and the total came up to around $30,000 for 2008

now what the tax preparer does is calculate 7.5 percent of your income, any expense over 7.5 percent of your income is tax deductible, for us it turned out to be around $20,000

that's a huge deduction, we probably saved around $3,000 and are getting a nice refund

so save all your receipts, no matter how small, it all adds up

and another thing i learned from our tax preparer (H&R block), having kids doesn't save you a lot on taxes on long island, i think u get $1000-2000 deduction on taxes per child

Message edited 3/11/2009 4:18:27 PM.

Posted 3/11/09 4:04 PM
 
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karenk71
Love

Member since 6/06

1547 total posts

Name:
Karen

Re: ladies, please read this, money you spend on ivf/infertilty is tax deductible

Thanks for posting this.
I claimed all of my IVF related expenses for 2008 and will do it again next year as I'm sure I will meet the 7.5% requirement again. I already have one failed cycle for 2009 which is like $15K.

Message edited 3/11/2009 5:04:58 PM.

Posted 3/11/09 5:00 PM
 

LSP2005
Bunny kisses are so cute!

Member since 5/05

19434 total posts

Name:
L

Re: ladies, please read this, money you spend on ivf/infertilty is tax deductible

Just as an FYI for any New Jersey residents, on your state income taxes medical expenses above 2.5% is deductable.

This is not legal or tax advice, for your particular situation you should seek out an accountant or attorney who may be able to assist your particular needs and circumstances.

Message edited 3/11/2009 5:15:19 PM.

Posted 3/11/09 5:13 PM
 

ihilani
LIF Adolescent

Member since 9/07

858 total posts

Name:
alias

Re: ladies, please read this, money you spend on ivf/infertilty is tax deductible

Posted by LSP2005

Just as an FYI for any New Jersey residents, on your state income taxes medical expenses above 2.5% is deductable.

This is not legal or tax advice, for your particular situation you should seek out an accountant or attorney who may be able to assist your particular needs and circumstances.



OMG, it's the IRS 230 disclosure on LIF!

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Posted 3/12/09 11:39 AM
 
 

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