Fertility Tax Credit

[WndrGrl]

Has anyone else seen this? It took me about 2 minutes to email my local congress members.

[brit1612]

Thanks for leaving this link! I had not heard of this before. If it passes I wonder if you can go back and claim expenses you have already had? That would be great for us!

[WndrGrl]

No idea Brit. I think it's an amazing thing. I sure hope it passes.

[deftonesmo]

You can write off your fertility costs when tax time comes around (medical expenses). . . also, if you have a flexible spending account for medical costs at your job, you can have a % of your paycheck deducted each month pre-tax and get re-imbursed later . . . but the bill is awesome too =)

[WndrGrl]

Deft I believe to write that off it has to be a certain percentage of your income. I asked our tax advisor about it. For us we'd have to pay almost $15k out of pocket in order to claim anything on our taxes.

[deftonesmo]

Yes, IVF expenses are tax deductible (mileage too), but only the portion that is above 7.5% of your Adjusted Gross Income (not 15%). So if you have $10,000 in out-of-pocket medical expenses and your Adjusted Gross Income is $50,000, 7.5% of your AGI is $3,750. That means you can deduct $6,250 (10,000-3,750) on your Schedule A Itemized Deductions. There is a caveat if you used any money from a Flexible Spending account. You cannot take a deduction for that since it is already tax free.

http://www.ehow.com/how_6058411_deduct- ... taxes.html
http://www.growingfamilybenefits.com/ivf_cost