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maybeamommy
Blessed beyond belief
Member since 10/07 17048 total posts
Name:
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IF and taxes
I know it's early, but I'd like to get a head start in figuring this out.
I have this from the IRS website.
Can anyone break it down for me a little better?
If I'm understanding correctly, it's anything over 7.5% of your adjusted gross income.
IVF costs are included... what else?
TIA
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Posted 1/9/09 1:16 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
shiv
Twinsanity!!
Member since 5/07 4747 total posts
Name:
Shiv
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Re: IF and taxes
Yes, over 7.5% of AGI.
I believe it includes any out of pocket health care costs you paid, which would include medicine, co-pays and deductibles. It can also include any kind of medical equipment you need.
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| Posted 1/9/09 1:43 PM |
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snowbunny
LIF Infant
Member since 11/08 146 total posts
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Re: IF and taxes
Looks like pregnancy tests are covered and I guess OPKs. All the dr co-pays and storage fees are covered as well.
What if you paid using a FSAs? Does that mean you can't use those expenses here?
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| Posted 1/9/09 2:09 PM |
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maybeamommy
Blessed beyond belief
Member since 10/07 17048 total posts
Name:
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Re: IF and taxes
Posted by snowbunny
Looks like pregnancy tests are covered and I guess OPKs. All the dr co-pays and storage fees are covered as well.
What if you paid using a FSAs? Does that mean you can't use those expenses here?
This is from the above website:
Flexible Spending Account
You cannot include in medical expenses amounts for which you are fully reimbursed by your flexible spending account if you contribute a part of your income on a pre-tax basis to pay for the qualified benefit.
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| Posted 1/9/09 2:37 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: IF and taxes
you can also include mileage to appts, accupuncture, therapy
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| Posted 1/9/09 4:34 PM |
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Re: IF and taxes
I think one of the few exceptions is the part, if any, taken out of your pay by the employer each check or each month.
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| Posted 1/10/09 10:00 AM |
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maybeamommy
Blessed beyond belief
Member since 10/07 17048 total posts
Name:
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Re: IF and taxes
Posted by BaseballWidow
I think one of the few exceptions is the part, if any, taken out of your pay by the employer each check or each month.
I'm not sure I understand what this means...
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| Posted 1/10/09 12:50 PM |
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Re: IF and taxes
Posted by hayleyandsteve
Posted by BaseballWidow
I think one of the few exceptions is the part, if any, taken out of your pay by the employer each check or each month.
I'm not sure I understand what this means...
Yeah, sorry, that did not make a whole lot os sense!! 
Anyway, if you get benefits through your job, and each check they take a certain amount out, basically your contribution toward your benefits, that money can not be included in your annual medical expenses.
Did that help, if not, I'll just go back to bed and try again tomorrow!!
Shawnna 
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| Posted 1/10/09 2:06 PM |
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maybeamommy
Blessed beyond belief
Member since 10/07 17048 total posts
Name:
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Re: IF and taxes
I don't contribute to my benefits at all - so what would that mean for me?
Also, IVF isn't covered at all under my benefits.
Sorry, I'm really slow today! hah
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| Posted 1/10/09 2:11 PM |
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Re: IF and taxes
Posted by hayleyandsteve
I don't contribute to my benefits at all - so what would that mean for me?
Also, IVF isn't covered at all under my benefits.
Sorry, I'm really slow today! hah
Join the slow club!!
Ok, so you don't contribute so my infornation is basically meaningless to you.
Secondly, your money spent OOP towrd IVF (meds, copays, procedures) should all be able to be counted and if over the allowed amount, deducted as medical expenses for tax purposes.
Any better?
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| Posted 1/10/09 2:17 PM |
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maybeamommy
Blessed beyond belief
Member since 10/07 17048 total posts
Name:
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Re: IF and taxes
Posted by BaseballWidow
Posted by hayleyandsteve
I don't contribute to my benefits at all - so what would that mean for me?
Also, IVF isn't covered at all under my benefits.
Sorry, I'm really slow today! hah
Join the slow club!!
Ok, so you don't contribute so my infornation is basically meaningless to you.
Secondly, your money spent OOP towrd IVF (meds, copays, procedures) should all be able to be counted and if over the allowed amount, deducted as medical expenses for tax purposes.
Any better?
Makes perfect sense now! haha
Thanks so much.
My DH likes to get an early start on our taxes so he asked me to figure this all out! We have definitely spent over 7.5% of our income so basically anything over that will count as a deduction, right?
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| Posted 1/10/09 2:20 PM |
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skinny
3 boys and a princess!
Member since 11/08 8178 total posts
Name:
Momma
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Re: IF and taxes
Posted by BaseballWidow
Posted by hayleyandsteve
Posted by BaseballWidow
I think one of the few exceptions is the part, if any, taken out of your pay by the employer each check or each month.
I'm not sure I understand what this means...
Yeah, sorry, that did not make a whole lot os sense!!
Anyway, if you get benefits through your job, and each check they take a certain amount out, basically your contribution toward your benefits, that money can not be included in your annual medical expenses.
Did that help, if not, I'll just go back to bed and try again tomorrow!!
Shawnna
Wait----so the insurance $ that gets taken from your check don't count toward th 7.5%? Are you sure? I found this on the IRS site:
"Medical expenses include the premiums you pay for insurance that covers the expenses of medical care."
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| Posted 1/10/09 2:52 PM |
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shiv
Twinsanity!!
Member since 5/07 4747 total posts
Name:
Shiv
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Re: IF and taxes
Posted by skinny
Wait----so the insurance $ that gets taken from your check don't count toward th 7.5%? Are you sure? I found this on the IRS site:
"Medical expenses include the premiums you pay for insurance that covers the expenses of medical care."
Yes your correct, health insurance premiums are deductible.
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| Posted 1/10/09 3:25 PM |
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Re: IF and taxes
I don't know if those are considered "premiums" though...it's usually a portion that isn't covered by the employer. A premium to me would be the entire cost OOP or if you had ins privately, not through the employer.
Our tax person specifically told us NO to those expenses as they used to be the only ones we had. She said that it is pre-tax dollars and therefore already accounted for. Maybe it's different for some...that it's taken out differently in relation to taxes.
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| Posted 1/10/09 4:07 PM |
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mcl916
my two loves
Member since 10/06 5133 total posts
Name:
Megan
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Re: IF and taxes
Can't help on the premiums as we were all out of pocket, but last year we were able to deduct about $15k that we paid OOP. This included IUI's, IVF, meds, and mileage. Definately helps after shelling out all that money!
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| Posted 1/10/09 5:49 PM |
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-BabyMiracle-
When will my ship come in?
Member since 9/07 1056 total posts
Name:
J
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Re: IF and taxes
This is great info but too confusing for me to figure out. I am going to bring all my receipts and let the accountant tell me what we can and can't do. That's what I pay him for and I totally trust he will do the right thing for us if possible.
Thanks for the info!
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| Posted 1/11/09 4:43 PM |
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shiv
Twinsanity!!
Member since 5/07 4747 total posts
Name:
Shiv
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Re: IF and taxes
Posted by BaseballWidow
I don't know if those are considered "premiums" though...it's usually a portion that isn't covered by the employer. A premium to me would be the entire cost OOP or if you had ins privately, not through the employer.
Our tax person specifically told us NO to those expenses as they used to be the only ones we had. She said that it is pre-tax dollars and therefore already accounted for. Maybe it's different for some...that it's taken out differently in relation to taxes.
Right if its pretax than they wouldn't be deductible. However if anyone pays for health insurance premiums from there paychecks post tax, than it is deductible. If you look at your paycheck it's typically labeled pre tax and post tax items.
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| Posted 1/11/09 6:49 PM |
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