IVF and tax breaks next year?

heathergirl67 · October 2011

I thought I read somewhere that you can get big tax breaks for doing IVF, especially if it's OOP. That is us, so I hope that it's true. We usually just use the online easy form for our taxes, but if we really get some tax breaks from doing IVF then we'll probably take them to a professional come the new year. Does anyone know if there's any truth to this? Is it at a federal level or is it something that varies from state to state? TIA!

pinkswimmer · October 2011

Its actually only if you exceed a certain percentage of your annual income. I cant remember what the percentage is... (my husband and I didnt qualify last year) But its on the Federal level and its not just IVF its all medical expenses.

hope that helps! GL

Ruthie04 · October 2011

I'm not sure about current tax laws and IVF, but there has been a lot of talk about The Family Act of 2011. Kristen Gillibrand of NY introduced the bill in May and I think it has been sitting around in the Senate for awhile. I don't know much about it, but I believe it gives a tax credit to those going through ART procedures. I think the credit is around $13K??

Mandy_Lou83 · October 2011

It's not just IVF, any medical expenses can be deducted on your income tax return. You have to file an itemized deduction and medical expenses are anything over 7.5% of your adjusted gross income. So, if you make $100k you can deduct anything over $7,500.

Medical expenses include: health insurance premiums, deductibles, copays, any non-covered medical expenses, milage to and from the facility, parking fees and I'm sure there are others.

If you have never itemized I suggest you go to irs.gov and research what can be deducted to get the best benefit from itemizing. DH and I have always done our own income tax returns. With the programs they have today it's so easy.

theworms · October 2011

Mandy_Lou83:
It's not just IVF, any medical expenses can be deducted on your income tax return. You have to file an itemized deduction and medical expenses are anything over 7.5% of your adjusted gross income. So, if you make $100k you can deduct anything over $7,500.

Medical expenses include: health insurance premiums, deductibles, copays, any non-covered medical expenses, milage to and from the facility, parking fees and I'm sure there are others.

If you have never itemized I suggest you go to irs.gov and research what can be deducted to get the best benefit from itemizing. DH and I have always done our own income tax returns. With the programs they have today it's so easy.

ditto this

i've been deducting for the last 2 years

Sarah226 · October 2011

Mandy_Lou83:

It's not just IVF, any medical expenses can be deducted on your income tax return. You have to file an itemized deduction and medical expenses are anything over 7.5% of your adjusted gross income. So, if you make $100k you can deduct anything over $7,500.

Medical expenses include: health insurance premiums, deductibles, copays, any non-covered medical expenses, milage to and from the facility, parking fees and I'm sure there are others.

If you have never itemized I suggest you go to irs.gov and research what can be deducted to get the best benefit from itemizing. DH and I have always done our own income tax returns. With the programs they have today it's so easy.

I was just coming in here to say this, but I see Mandy Lou's got it covered. The silver lining in all of this is I'm almost excited to be able to write off so much on my taxes. (Of course, I'm also depressed I had to spend that much in the first place... and that I still don't have a baby I can get a child tax credit for.)

MamaLo1216 · October 2011

You can report any medical expenses (not covered by insurance). This includes co-pays, OOP treatments, meds, acupuncture, chiropractor, etc. Keep a running tab (and save receipts in case you get audited). I am guessing it varies state to state but in Colorado, in order to get the tax deduction the total amount has to be 7% or higher of your total income (ie: 7k in expenses on 100k total income).

Your RE office as well as chiro, acupunture, etc should have this history and should be able to give you a "super bill" showing all activity for the year. Pharmacies may be willing to do this for you too.

I would definitely make the effort if you meet your state's percentages. Hope this helps! Lauren

lkmiss · November 2011

If the Family Building Act passes, it would allow you to get a credit (dollar for dollar) of your IVF expenses. So, if you spent $15K, you would get a $15K credit on your taxes. No worries about hitting a certain percentage of your adjusted gross income and not being able to deduct the whole thing. It's currently held up on some committee, as they want to hear more testimony from doctors.

Here's a link to a petition site where you can create a petition online and send it to your rep. If you want to be heard, you need to act.

https://www.petitiononline.com/FI200507/petition.html

Just a guess, but I would imagine if the Act passed in 2012, it would be retroactive to Jan 1, 2012.

If we all signed the petition, we can make a difference. There are so many of us struggling with this issue.

mpetri · November 2011

Signed :-)

IVF and tax breaks next year?

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