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Infertility Treatment Tax Deductions
February 10th, 2014 | by CORM
Most folks in the United States do not have medical insurance that covers fertility treatment, therefore those who experience infertility often look for other ways to handle the expenses of their infertility journey…
One of the ways to do that is to become familiar with IRS regulations regarding medical expenses. The following are tax-related considerations to review before preparing your taxes this year:
Deduct Your Medical Expenses
If an expense is considered to be “deductible,” then calculating it into your income tax returns can possibly save you money. The good thing is that many health expenses, including those related to fertility treatment, are deductible. Possible deductible health-related expenses include:
Starting with medical expense deductions for 2013, the general rule is that if you have medical expenses that are more than 10% of your adjusted gross income, you can claim those expenses as a deduction.
File Itemized Tax Returns
In order to take advantage of all the available deductions, you must itemize your return. Unfortunately, that means that you cannot use the easy, short forms. Not only will you be using the standard Form 1040, you will also need to complete a Schedule A to help you calculate your deductible expenses.
For married couples who have always filed joint returns, keep in mind that it may benefit you to file separately if one person incurred a large number of deductible expenses over the last year.
Flexible Spending Accounts
Many people, especially employees of larger companies, have access to flexible spending accounts (FSA) for health expenses. FSAs allow an employee to allocate a specific amount of their income to be withheld from their paycheck and placed in an account to use for medical expenses only. These funds can be used to pay for co-pays or other out-of-pocket expenses not covered through insurance. Planning ahead is critical, however, as you must use the money set aside in the account within the current year.
Having a flexible savings account is considered to be a tax advantage, since the funds withheld from your paycheck are pre-tax dollars. In essence, it’s tax-free income.
Find A Qualified Advisor
The IRS tax codes can change from year-to-year, and it is rather difficult for the average person to keep up with current rules. Changes to the tax codes can directly impact how you file your income tax. The simplest way to ensure that you are taking advantage of all eligible deductions is to work with a qualified tax advisor.
It is important to remember that each patient’s circumstances are unique. Consult with your personal tax advisor to determine how the medical deduction rules may apply specifically to you.
Using this information, along with the suggested and affordable programs outlined by a fertility specialist at the Center of Reproductive Medicine, can put fertility treatment costs within your reach. Now is the time to maximize your tax deductions to minimize your tax bills.
|CLEAR LAKE, TX
|Contact the Center of Reproductive Medicine for more information regarding infertility treatment and support in the greater Southeast Texas area.
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