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Are IF expenses tax deductible?

smr2006
0 Recommendations

Hi everyone,

DH and I are just getting started on exploring TXs and will be starting IUI in January 2010. I know that some medical expenses are tax deductible or can be written off, and I'm wondering if IF TXs qualify. I know that you have to accumulate at least $10,000 in eligible medical expenses to deduct it/write it off, but I'm thinking we'd get there pretty quickly once TXs get started.

Does anyone have any idea if IF expenses qualify to be written off?

Thanks!
Shannon

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Acupuncture

13 replies

Harmonywithreiki

I don't.......but thanks for the idea:)
I will ask our accountant near tax time! Meanwhile keeping all receipts!

jerseygirl_chris

Yes, they do! We did that one year. It helped a little. They also have to account for a certain percentage of your income to qualify, not sure what the percentage is. I know that we use tax software to do our taxes and it figured this out for us. Good luck!

smr2006

Oh that is awesome news, jerseygirl_chris! We use tax software too, so I'll be sure to keep an eye out for it at tax time. Thank you!

Shannon

oracle_MJ

Your out of pocket expenses must be greater than 7.5% of your annual income (at least that was the percentage last tax season).
Here's where it gets good. You can count any money spent on parking, mileage to/from IF clinics, deductibles/copays, pharmacy copays and anything else out of pocket that you'd only incur if you were seeking medical treatment.
Having lunch after an appointment doesn't count.
The only thing I'm not sure about is money spent on "alternative" therapies - like accupuncture.

Again, this information is based on the 2008/2009 tax season - hopefully it won't change dramatically for next year. I'm holding onto a box full of receipts!

smr2006

That is such great news - thank you so much! We live a good 40 minutes from our IF clinic - that will definitely come in handy!

helpmecdj

Yes, it is. I believe it is a ratio of income to medical expense that can be used. We keep all receipts of meals, mileage, lodging, medicine, and DR. expenses. Every little bit helps. Good luck! I can call my accountant if you would like for me to.

Laura143

Also, keep in mind that if your employer offers a flexible health spending account, these expenses qualify there too. This is where you put money away out of each paycheck on a pre-tax basis to be used to pay your medical bills. It's a little more complicated than filing it all on your taxes, but there's no 7.5% limitation and you get to see the savings as you go along rather than in the form of a tax return. Just be careful because whatever money in your FSA that you don't use at the end of the year will be lost. BUT, there's a TON of stuff that you can use it for, including nearly everything you'd spend at a doc's office, prescriptions, over-the-counter meds, Bandaids, etc. Hope this helps!

1pair-n-1spare

Actually, having lunch after (or before) a doctor's appointment DOES count as long as the receipt shows date and time. As does lodging for those who have to travel far.

Tax software is MUCH more picky about medical expenditures than a tax preparer, such as H & R Block. It worked well for us with our daughter's frequent doctors visits and durable medical equipment expenditures.

Lisa

oracle_MJ

Lisa - thanks for clarifying that for me too! My tax guy last year said meals weren't deductible, but I save receipts for everything so I'll push him on it this year!

AmyRD3

We write of the medical expenses and then used it for more IF treatment. It always helped us.

smr2006

Thank you so much everyone! This is helpful news - every little bit helps, and the expenses for TX add up so quickly. Thanks!

TMareaS

The acupuncture counts also.

jboehme

The medical tax deduction is hard to take if you make a lot of money! You have to be over 7.5% of your Adjusted Gross Income (AGI). You can only deduct the amount over 7.5%. For example, if your AGI is $50,000 then $3750 is 7.5%. I you spent $10,000 on IVF, you could deduct $6250 (10,000 - 3750).

Jen

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