ladies, please read this, money you spend on ivf/infertilty is tax deductible
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LIF Zygote
Member since 8/08 44 total posts
Name:
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ladies, please read this, money you spend on ivf/infertilty is tax deductible
i saved receipts for ALL medical related payments that i made, including IVF, PGD, eye exam, contact lenses, eyeglasses, copays, gas to go to the office, etc. etc...
and the total came up to around $30,000 for 2008
now what the tax preparer does is calculate 7.5 percent of your income, any expense over 7.5 percent of your income is tax deductible, for us it turned out to be around $20,000
that's a huge deduction, we probably saved around $3,000 and are getting a nice refund
so save all your receipts, no matter how small, it all adds up
and another thing i learned from our tax preparer (H&R block), having kids doesn't save you a lot on taxes on long island, i think u get $1000-2000 deduction on taxes per child
Message edited 3/11/2009 4:18:27 PM.
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Posted 3/11/09 4:04 PM |
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karenk71
Love
Member since 6/06 1547 total posts
Name: Karen
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Re: ladies, please read this, money you spend on ivf/infertilty is tax deductible
Thanks for posting this. I claimed all of my IVF related expenses for 2008 and will do it again next year as I'm sure I will meet the 7.5% requirement again. I already have one failed cycle for 2009 which is like $15K.
Message edited 3/11/2009 5:04:58 PM.
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Posted 3/11/09 5:00 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19457 total posts
Name: L
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Re: ladies, please read this, money you spend on ivf/infertilty is tax deductible
Just as an FYI for any New Jersey residents, on your state income taxes medical expenses above 2.5% is deductable.
This is not legal or tax advice, for your particular situation you should seek out an accountant or attorney who may be able to assist your particular needs and circumstances.
Message edited 3/11/2009 5:15:19 PM.
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Posted 3/11/09 5:13 PM |
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ihilani
LIF Adolescent
Member since 9/07 858 total posts
Name: alias
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Re: ladies, please read this, money you spend on ivf/infertilty is tax deductible
Posted by LSP2005
Just as an FYI for any New Jersey residents, on your state income taxes medical expenses above 2.5% is deductable.
This is not legal or tax advice, for your particular situation you should seek out an accountant or attorney who may be able to assist your particular needs and circumstances.
OMG, it's the IRS 230 disclosure on LIF!
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Posted 3/12/09 11:39 AM |
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