The financial implications of infertility treatments are front and center for many couples. For those with little or no insurance coverage for infertility treatments, the out-of-pocket cost may be daunting. However, many people are unaware that the cost of in vitro fertilization and other assisted reproductive methods is tax deductible.
Be sure to maximize your deduction by tracking all of your eligible expenses:
In order to deduct for medical expenses, including fertility care, the expenses must be more than 7.5 percent of your AGI, also known as your Adjusted Gross Income. Your AGI is often different than your earned income from the year. If you file your taxes using form 1040, your AGI for the tax year may be found on line 38. If your medical expenses are less than 7.5 percent of your income, they are not deductible.
Medical expenses associated with your treatments are tax deductible. These expenses include but are not limited to:
- Monitoring during the cycle including blood work and ultrasounds
- Prescribed medication including fertility drugs
- The costs of the IVF procedure including fertilization, freezing and storage of sperm and embryos and follow up care
- Out of pocket costs associated with pregnancy and delivery
A number of other items relating to your fertility treatments may be deductible as well. For example, if you are pursuing medical treatment to reverse a tubal ligation or vasectomy, the cost to reverse those procedures is deductible. Acupuncture, a holistic way to improve fertility and decrease stress, is tax deductible as it is an allowed medical expense.
Your travel expenses may be tax deductible as well, and the IRS allows mileage as a deductible expense. In order to claim mileage expenses you must be able to substantiate the expense. Keep a log of the dates and miles traveled to use as back up at the end of the year.
For additional information on the cost of infertility treatments, contact the fertility experts at New Hope Fertility Center today. Please click the link below to enter your information and New Hope will contact you, or simply call 212-517-7676. Thank You.