Tax Deductions for IVF: Everything You Need to Know

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Tax deductions for IVF

Fertility treatments, such as in-vitro fertilization (IVF), can be expensive and overwhelming. Fortunately, there are tax deductions available to help cover some of the costs associated with IVF treatments. In this article, we'll discuss everything you need to know about tax deductions for IVF treatments, including eligibility requirements, deductible expenses, and how to maximize your tax savings. We'll also provide information on payment options for IVF, so you can find the best way to pay for your treatments and get the most out of your tax deductions. By the end of this article, you'll have a better understanding of how you can save money on IVF treatments and make the most of your tax return. When it comes to taxes and IVF, there are two types of deductions you may be able to take advantage of: medical expenses and adoption expenses.

Medical Expense Deductions: Medical expenses associated with IVF treatments that may be deductible on your taxes include: doctor fees, fertility drugs, egg retrieval and fertilization fees, and storage fees for embryos. You can deduct the amount of money you paid for all of these expenses if it exceeded 7.5 percent of your adjusted gross income (AGI). For example, if you had an AGI of $50,000 in the year you underwent IVF treatments, you can deduct any medical expenses over $3,750. Adoption Expense Deductions: Adoption expenses associated with IVF treatments can also be deductible on your taxes.

This includes adoption agency fees, legal fees, medical costs, and travel costs associated with the adoption. To qualify for the adoption tax credit, you must be adopting a child who is not a relative. The maximum credit is $14,080 per child in 2021. To claim either deduction, you’ll need to complete Form 1040 Schedule A (Itemized Deductions) and include your receipts or other documentation as proof of purchase. It’s important to note that tax deductions are different than tax credits. Tax deductions reduce the amount of income subject to taxes while tax credits reduce the amount of taxes you owe.

It’s also important to note that if you take an itemized deduction on your taxes, you cannot take the standard deduction as well. You must choose one or the other. Before deciding which one to choose, it’s best to consult a tax professional or use a tax preparation software to determine which option is best for you.

What Are Tax Credits?

Tax credits are different than tax deductions in that they reduce the amount of taxes owed instead of reducing the amount of taxable income. For example, the Adoption Tax Credit mentioned above can reduce the amount of taxes owed by up to $14,080 per child adopted through IVF.

Other types of tax credits include the Child and Dependent Care Credit and the Earned Income Credit. In conclusion, tax deductions and credits can help reduce the cost of IVF treatments. Be sure to consult a tax professional or use a tax preparation software to determine which option is best for you before filing your taxes. This way, you can ensure you are taking advantage of all available tax deductions and credits to lower the cost of IVF.

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Christopher Surette

Dr. Christopher Surette, a leading physician in In Vitro Fertilization (IVF) and Reproductive Endocrinology, has over 20 years of experience in the field, garnering an impeccable reputation for his deep expertise, patient-focused approach, and innovative techniques.

Born and raised in Boston, Massachusetts, Dr. Surette always harbored a profound interest in medicine. After completing his undergraduate degree in biology from the Massachusetts Institute of Technology (MIT), he gained admission into Harvard Medical School, where he further nurtured his love for medicine and made the decision to specialize in reproductive medicine.

Graduating with honors from Harvard, Dr. Surette pursued his residency at the prestigious Johns Hopkins Hospital, specializing in Obstetrics and Gynecology. It was here that his interest in the complexities of human reproduction was further ignited, leading him to complete a fellowship in Reproductive Endocrinology and Infertility at Stanford University.

In the year 2003, Dr. Surette took a monumental leap in his career, joining the Boston IVF Center, one of the leading fertility clinics globally. His passion, dedication, and expertise soon propelled him to the position of the clinic's Director, making him one of the youngest physicians to hold the title.

Throughout his professional journey, Dr. Surette has consistently contributed to the scientific community. His research on various aspects of IVF, including genetic screening, fertility preservation, and improving implantation rates, has been published in many acclaimed medical journals.

Dr. Surette's prolific medical career extends beyond the realms of practicing medicine. He is also a well-known author, having penned several books on IVF. His books, including the highly regarded "Navigating IVF: A Patient's Guide" and "Breakthroughs in IVF: Advancements and Innovations," have helped demystify the IVF process for countless patients and aspiring medical practitioners worldwide.

A recognized voice in the field of reproductive medicine, Dr. Surette has received numerous accolades and awards, including the "Top Doctor" award from Boston Magazine multiple times. He is also an active member of the American Society for Reproductive Medicine and the Society for Reproductive Endocrinology and Infertility.

Dr. Surette’s commitment to his patients is unmatched. He is known for his empathetic approach, taking time to understand each patient's unique journey and tailoring treatment plans to suit their specific needs.

In his spare time, Dr. Surette enjoys spending time with his family and indulging his love for writing. His career is a testament to his steadfast dedication to helping individuals and couples realize their dream of parenthood. His expertise, innovative techniques, and patient-centric approach make him one of the most sought-after physicians in his field.