When I am ready to do a pgd cycle, we plan to take a good amount out of the flexible spending account to use for the cycle.
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When I am ready to do a pgd cycle, we plan to take a good amount out of the flexible spending account to use for the cycle.
Thanks for posting this info!!
check to see if your healthcare fsa has a limit. Ours was I think 3,000 or 5,000 contribution in one calendar year.
It is the amount above 7.5% of your AGI (income). The deduction goes on Schedule A along with other itemized expenses like mortgage interest, property tax, etc. You will see on the Schedule A form line 3 that you multiply your income by 7.5%. Subtract this number from the amount of your medical expenses and that will be your deduction. So, if your income is $100,000, you can only deduct the amount you spend over $7,500. Hope this helps.
I'm a CPA ;)
I also wanted to add that not everyone may get this benefit. For example, if you do not have mortgage interest or property taxes to deduct, your greatest benefit may be to use the standard deduction instead of the itemized deduction. For a married couple filing jointly the standard deduction for 2010 was $11,400. So, if you don't have any other itemizing items for Schedule A, you may be better off taking the standard deduction. Using the example from above, say you pay $16,000 for your IVF. If your income is $100,000, your deduction would be $8,500 (16,000 - 7,500). Since this amount is less than your standard deduction of $11,400, you will take the standard deduction and not realize any benefit from paying for IVF. HTH.
Thanks mis2ninos. Glad to know that we have a CPA on board. Good luck on your cycle.
Wow great thread thanks for posting
Awesome info!!!
Great posts. For the Australian girls I have info too.
I contacted our accountant this week and was told that any medical costs over $2000 are tax deductable. You then get 20% of the cost back as a refund. My accountant confirmed that IVF in another country will be tax deductable.
Wow! this is awesome if it is! hope its not too good to be true....vickyaust did u ask ur accountant if it matters that you did ivf for gender selection?