IF medical expenses and taxes-WWYD?

MandaS08 · December 2011

My IVF cycle has been set up and we're just waiting for my period to start to start the bc pills. I can pay now, before the new year, and before we've actually started, or wait until we start treatment-which if you factor in the time on bc, will definitely be after the new year.

If we pay now, presumabley we can include the IVF costs with our other medical expenses this year (around $4k), and be able to write it off on our taxes. I'm not sure how much that would equate to our saving, (we'd be able to deduct about $7k of that total I'm thinking). Or, we can wait until after the new year, and hope the Family Act/Tax Credit for IV treatment passes and be able to receive a credit for half of the IVF cost, which would definitely be more than just deducting the expenses on our taxes. (the credit is money directly back, the deduction is lowering your taxable income)

What would you do? Include it this year so you get the max deduction possible, or roll the dice and hope the act passes next year? (if it doesn't pass we could still deduct it, but it won't be as much as this year b/c of other IF expenses this year)

????

Rawr08 · December 2011

That is a tough one. I would err on the side of caution and file it this year. It would be nice if the Family Act passes, but who knows if it will, KWIM? If you look into it more and it seems it will pass, wait. BAH, IDK. HTH, sorry I am so wishy-washy.