US tax deduction for fertility treatment

US tax deduction for fertility treatment

Mrs. M
Mrs. M

March 4th, 2011, 1:59 pm #1

Does anyone know if medical expenses paid for donor can be deducted on 2010 taxes?
Quote
Share

H40+
H40+

March 4th, 2011, 3:35 pm #2

If you file a US Form 1040 and you paid the expenses in 2010, then yes, you can deduct them for 2010
Quote
Share

annon
annon

March 4th, 2011, 4:17 pm #3

Does anyone know if medical expenses paid for donor can be deducted on 2010 taxes?
You can claim all medical costs including travel, if you have to go out of town. As long as your medical expenses were greater than ...something like 7 or 7 and a half percent of your income you can claim medical expenses. Of course you have to itemize. We gave all copies of receipts to our accountant ( a national chain accounting company). We had to take $ out of our 401K to finance what we spent so we had a bit of a complicated return but it worked out ok with itemizing those medical expenses.
Quote
Share

pixl
pixl

March 4th, 2011, 4:35 pm #4

Does anyone know if medical expenses paid for donor can be deducted on 2010 taxes?
I included the donor fee, agency fee, and legal expenses too.
Quote
Share

Joined: December 8th, 2006, 6:35 am

March 4th, 2011, 7:32 pm #5

Does anyone know if medical expenses paid for donor can be deducted on 2010 taxes?
A C Corp allows you to deduct every single item without the 7% catch, through a medical reimbursement plan. It's how we set up our corporation, but it's not cheap and of course, only applies to the self-employed.
Quote
Like
Share

Orchid
Orchid

March 4th, 2011, 9:10 pm #6

You can claim all medical costs including travel, if you have to go out of town. As long as your medical expenses were greater than ...something like 7 or 7 and a half percent of your income you can claim medical expenses. Of course you have to itemize. We gave all copies of receipts to our accountant ( a national chain accounting company). We had to take $ out of our 401K to finance what we spent so we had a bit of a complicated return but it worked out ok with itemizing those medical expenses.
We got a lot of stuff pre-tax but our travel was not.
Quote
Share

anon
anon

March 4th, 2011, 10:04 pm #7

I don't understand your question...sorry...
This is from the IRS website: under -Fertility Enhancement
"You can include in medical expenses the cost of the following procedures to overcome an inability to have children."

"Procedures such as in vitro fertilization (including temporary storage of eggs or sperm).

How Much of the Expenses Can You Deduct?
You can deduct on Schedule A (Form 1040) ONLY the amount of your medical and dental expenses that is MORE than 7.5% of your AGI(Form 1040, line 38).

In this publication, the term 7.5% limit is used to refer to 7.5% of your AGI. The phrase subject to the 7.5% limit is also used. This phrase means that you must subtract 7.5% (.075) of your AGI from your medical expenses to figure your medical expense deduction.

Example.

Your AGI is $40,000, 7.5% of which is $3,000. You paid medical expenses of $2,500. You cannot deduct any of your medical expenses because they are not more than 7.5% of your AGI. "

Sorry I can't be of more help. I didn't do my own taxes I just had receipts for every dollar I spent: donor agency fees, medications, travel expenses; anything I could submit, and the accountant did the rest.
Quote
Share