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halisa
adore
Member since 7/06 2168 total posts
Name:
lisa
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ivf and taxes
i have heard that you can claim ivf (medical expenses) on your taxes. anyone have experience with this? what do i have to bring to the accountant? i'm assuming bills and receipts, but what about insurance info-like "explanations of benefits?"
is it worth it?
tia!!
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Posted 12/29/06 11:38 PM  |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: ivf and taxes
I've done it and last year with the purchase of our house was the first year I ever got $$$ back!!!
It has to be more than 7.5% of your income...My acct just asks for a total, not the receipts. Of course you should make sure you have them in case you are audited.
This is everything you can deduct...
2006 Medical Deductions
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| Posted 12/30/06 9:11 AM |
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leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
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Re: ivf and taxes
Posted by LisaW
I've done it and last year with the purchase of our house was the first year I ever got $$$ back!!!
It has to be more than 7.5% of your income...My acct just asks for a total, not the receipts. Of course you should make sure you have them in case you are audited.
This is everything you can deduct...
2006 Medical Deductions
Do you know if it's 7.5% of our combined income? Or can I just claim my own if we file separately?
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| Posted 12/30/06 9:20 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: ivf and taxes
Posted by leighla
Do you know if it's 7.5% of our combined income? Or can I just claim my own if we file separately?
I believe if you are filing separately it would just be your income
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| Posted 12/30/06 9:22 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: ivf and taxes
Im doing it this year. I kept an excel spreadsheet and all receipts.
also you can deduct ALL milage for Drs visists....which is why I did the spreadsheet too. You get 30 cents back on a mile.
I used mapquest to get the milage to each Drs office.
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| Posted 12/30/06 11:12 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: ivf and taxes
Posted by dm24angel
also you can deduct ALL milage for Drs visists....which is why I did the spreadsheet too. You get 30 cents back on a mile.
It's 18 cents per mile
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| Posted 12/30/06 11:15 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
Posted by LisaW
Posted by dm24angel
also you can deduct ALL milage for Drs visists....which is why I did the spreadsheet too. You get 30 cents back on a mile.
It's 18 cents per mile
LOL, my accountant told me 22 cents a mile, I asked him just a couple months ago
I also kept a spreadsheet (Thanks Kara). It's any medical expense, not just IVF, so I kept track of every co-pay, every OTC medicine, every doctors visit (for mileage), Rx copays. Also any cost that you pay for health insurance.
I *think* I might be able to include weight watchers and my gym membership- since I am itemizing medical expenses this year but I am not sure.
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| Posted 12/30/06 11:31 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: ivf and taxes
Posted by rose825
Posted by LisaW
Posted by dm24angel
also you can deduct ALL milage for Drs visists....which is why I did the spreadsheet too. You get 30 cents back on a mile.
It's 18 cents per mile
LOL, my accountant told me 22 cents a mile, I asked him just a couple months ago
I also kept a spreadsheet (Thanks Kara). It's any medical expense, not just IVF, so I kept track of every co-pay, every OTC medicine, every doctors visit (for mileage), Rx copays. Also any cost that you pay for health insurance.
I *think* I might be able to include weight watchers and my gym membership- since I am itemizing medical expenses this year but I am not sure.
I belive you can too ( WW and gym)
I know its not 30 cents, just checked but now How the heck much is it? LOL
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| Posted 12/30/06 11:48 AM |
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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Re: ivf and taxes
Posted by dm24angel
I know its not 30 cents, just checked but now How the heck much is it? LOL
I'm telling ya', the IRS website says 18 cents a mile 
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| Posted 12/30/06 11:50 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
I just found this on the IRS website
Medical and moving (section 7 below) 20 cents per mile
mileage
Will we ever get a straight answer, now we have 18, 20, 22 and 30
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| Posted 12/30/06 1:02 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
think I can include the cost for fertility friend?
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| Posted 12/30/06 1:07 PM |
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halisa
adore
Member since 7/06 2168 total posts
Name:
lisa
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Re: ivf and taxes
wow!!! thanks for all the info.
you gals are soo organized with spreadsheets, now i need to find all my paperwork!! 
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| Posted 12/30/06 1:25 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
Your MD should be able to give you a list with your dates of service and copays paid.
You can also call your pharmacy and they can give you a total paid over the year (I wasnt as organzied last year)
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| Posted 12/30/06 1:27 PM |
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halisa
adore
Member since 7/06 2168 total posts
Name:
lisa
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Re: ivf and taxes
awesome! i just went to the irs page that lisa linked and acupuncture is included too!
ok, one more question-i had some medical procedures (pgd, cvs, for example) that i had to pay out-of-pocket for. i am still waiting for some (i know, not all) reimbursement from ghi. so what do i say was the cost, because technically if i get some back, then the cost will be less. how do i figure?
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| Posted 12/30/06 2:18 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
Its whatever you laid out in 2006. If you get reimbursed in 2007 it gets counted towards income
I wonder if I could just deduct it from 2007 medical expenses?? I am planning to get a $1500 refund soon, but I am just giving it right back to them for some unpaid bills.
After reading that site I found out I can not deduct my gym, but yes to WW.
Now here is another ? Do you think fertility vitamins are or are not covered under this:
Nutritional Supplements
You cannot include in medical expenses the cost of nutritional supplements, vitamins, herbal supplements, “natural medicines,” etc. unless they are recommended by a medical practitioner as treatment for a specific medical condition diagnosed by a physician. Otherwise, these items are taken to maintain your ordinary good health, and are not for medical care.
halisa- did you read the part about filing seperately?
Message edited 12/30/2006 3:17:41 PM.
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| Posted 12/30/06 2:47 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
This is the first year I am going to be able to do this. For those that have done it before? how much does it make a difference?
How is the deduction applied?
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| Posted 12/31/06 12:27 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: ivf and taxes
I would say yes to the vitamins.
The standar deduction for married filing joint is $10K I think...so it would need ( your itemizations) to be over 10K to make a difference.
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| Posted 12/31/06 12:29 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
Posted by dm24angel
I would say yes to the vitamins.
The standar deduction for married filing joint is $10K I think...so it would need ( your itemizations) to be over 10K to make a difference.
Really? I thought it just had to be over 7.5% of your income?
Now I am confused?
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| Posted 12/31/06 12:32 AM |
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dm24angel
Happiness
Member since 5/05 34581 total posts
Name:
Donna
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Re: ivf and taxes
Posted by rose825
Posted by dm24angel
I would say yes to the vitamins.
The standar deduction for married filing joint is $10K I think...so it would need ( your itemizations) to be over 10K to make a difference.
Really? I thought it just had to be over 7.5% of your income?
Now I am confused?
yes it has to be over 7.5 of your income
BUT the standar deduction if 10K for everyone.
SO if your med expenses are less then 10K...well then itemizing the deductions is not worth it...take the standard deduction.
You get one or the other.
itemizing is to help you get more of a deduction .
Did I say that ok?
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| Posted 12/31/06 12:34 AM |
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halisa
adore
Member since 7/06 2168 total posts
Name:
lisa
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Re: ivf and taxes
Posted by rose825
Posted by dm24angel
I would say yes to the vitamins.
The standar deduction for married filing joint is $10K I think...so it would need ( your itemizations) to be over 10K to make a difference.
Really? I thought it just had to be over 7.5% of your income?
Now I am confused?
yes me too!
and pauline, i think the vitamins sound like yes too, according to that definition.
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| Posted 12/31/06 12:36 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
Posted by dm24angel
Posted by rose825
Posted by dm24angel
I would say yes to the vitamins.
The standar deduction for married filing joint is $10K I think...so it would need ( your itemizations) to be over 10K to make a difference.
Really? I thought it just had to be over 7.5% of your income?
Now I am confused?
yes it has to be over 7.5 of your income
BUT the standar deduction if 10K for everyone.
SO if your med expenses are less then 10K...well then itemizing the deductions is not worth it...take the standard deduction.
You get one or the other.
itemizing is to help you get more of a deduction .
Did I say that ok?
ohhhhhhhhh, I am an idiot, I always thought Itemizing just meant breaking it down, like medical expenses, education expenses etc.
So do they just subtract 10K from your gross income?
Message edited 12/31/2006 12:42:46 AM.
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| Posted 12/31/06 12:38 AM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: ivf and taxes
bump for bigb
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| Posted 4/12/07 2:53 PM |
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CityNYGirl
My everything!!!!!
Member since 5/05 2324 total posts
Name:
Betty
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Re: ivf and taxes
Posted by dm24angel
I would say yes to the vitamins.
The standar deduction for married filing joint is $10K I think...so it would need ( your itemizations) to be over 10K to make a difference.
This is correct...It does not need to be over 7.5% of your income it just needs to be more then then standard deductions...Once you reach that point, you will itemize any expenses you have...
The standard deduction for filing Married together is $10,300
Message edited 4/13/2007 12:05:28 PM.
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| Posted 4/13/07 12:03 PM |
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Michelle
My Little Yankee Fans
Member since 1/06 4018 total posts
Name:
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Re: ivf and taxes
Let to clarify soemthing regarding the stadnard deduction. If you own a home and pay real estate taxes you will probably be itmeizing anyway.
If you don't own a home, your state income taxes witheld from you pay is a deduction and also any chaitbal contributions. So if you only have 8000 in medical expenses, with the state income taxes withheld and any contributions and unreimbursed medical expenses, it still may be worth it to itemize.
Also the only portion of medical expenses that are deductible are the portion that is over 7.5% of your income.
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| Posted 4/13/07 12:31 PM |
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