IVF expenses can be a Tax Deduction

I just read somewhere that:

"saved receipts for ALL medical related payments that we made, including IVF, PGD, eye exam, contact lenses, eyeglasses, copays, gas to go to the office, etc. and the total came up to around $30,000 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

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so...with that being said, I called my RE and asked for all my reciepts in a print out for my 2 IVF's in 2012...Im going to try this...cant hurt to try....YOU SHOULD TRY TOO...

Re: IVF expenses can be a Tax Deduction

Yep and once you hit that threshold, mileage realted to doctor appts. can be deducted too! Help us for 2 yrs when we were paying OOP for IVF.

Re: IVF expenses can be a Tax Deduction

Re: IVF expenses can be a Tax Deduction

Ugghhh. I try and do this every year and we always fall short too. I think one year we had 3 IVFs. I am grateful that I have coverage but the expenses are still ridiculous. You can also ask the pharmacies for a print out of drug expenses. Thats a huge chunk of change there!

I believe if the new health care bill passes, it will be different, specific deductions for IVF oop costs.

Re: IVF expenses can be a Tax Deduction

Re: IVF expenses can be a Tax Deduction

The year we did IVF (2008) our accountant was not aware of this. We did our own research, told him about it, he re-did our taxes and we got a very large chunk of change back .

Re: IVF expenses can be a Tax Deduction

This is true with all medical expenses, not just IVF. If you're itemizing, you can include everything such as co-pays, co-insurance, Rx, etc.