IVF tax deductible!


#1

So after talking with my FIL who’s a bankruptcy attorney for large corporations, he mentions that we could deduct any medical expenses as long as they are more than 7.5% of our annual gross income. SO my first thought was… well IVF was a medical expense does that count? After skimming the IRS web page it does in fact list IVF as tax deductible! Woohoo I included the link below, the part about IVF is under fertility treatments.

http://www.irs.gov/publications/p502/index.html

Hope someone else finds this as helpful as we did.


#2

Wow this is great. Thanks a lot for sharing this!


#3

Per my RE: not only can you deduct the expense of IVF and meds, you can deduct travel and meal expenses when you went for treatment…gas, meals, hotels, etc, Keep all your receipts. :slight_smile:


#4

This is true but it has to be more than the standard medic deduction there’s some kind of weird formula. It ended up being a wash for us or at least that’s what our tax lady said and we are by no means rich I’m a nurse and my DH is a programmer I was surprised too we spent $16000 on one cycle and somehow it wasn’t more than the standard deduction


#5

This is true but it has to be more than the standard medic deduction there’s some kind of weird formula. It ended up being a wash for us or at least that’s what our tax lady said and we are by no means rich I’m a nurse and my DH is a programmer I was surprised too we spent $16000 on one cycle and somehow it wasn’t more than the standard deduction


#6

This is great information! Thank you so much for sharing this. God Bless us All!


#7

Turbo tax will help you do it. I’m not expecting much either. We’ll see.


#8

It only works if you are itemizing anyway. If you have a house then with that and the IVF you should have well over the standard deduction (after the 7.5%).


#9

Yes, it is!! We have used it before. I was thinking it had to be more than 10% but I guess I am remembering wrong. The first year we started IVF we spent a fortune, and ended up saving almost $2,000 on our taxes. But the following years, we came up a little short of meeting the percentage. I guess that is one of the benefits of spending a fortune on fertility!! :slight_smile:


#10

Yes…we also deducted as per our accountant co-pays, meds, etc