IVF procedures are deductible as medical expenses but are
subject to the same limitations as all medical expenses on Schedule A,
Itemized Deductions.
For 2015, this means your medical
expenses are deductible to the extent they exceed 10 percent of your
adjusted gross income unless you or your spouse is older than 65. Then
the threshold is 7.5 percent of your adjusted gross income. Note that to
claim the medical expenses, you must be itemizing your deductions
rather than taking the standard deduction.
You can deduct medical
expenses that are paid during the year, including amounts that you pay
with a credit card. This includes medical and dental expenses for you,
your spouse and your dependents. It also includes the cost of medical
insurance if it was paid with your own after-tax dollars -- meaning it
was not paid on a pretax basis through your employer.
You
cannot include any medical expenses that are reimbursed from a health
savings account or flexible spending account, as funds you receive from
these plans are usually tax-free.
You can also include the cost of
travel for medical care. The mileage amount for medical care is 23.5
cents per mile for 2014 (lowered to 23 cents per mile for 2015). So
think about keeping a log of miles driven, public transportation used
and even parking and tolls.
Don't forget about keeping track of
your insurance copays and deductibles that you pay, along with
laboratory fees and prescription medications paid out of pocket. It may
be well worth the time and effort to keep good records and track this
information, as it may reduce your taxes.
Thanks for the great question and all the best to you.
