The IRS Deductions Blog

Posts Tagged ‘federal’

Items on Amazon Right Now for What Is Deductible Credit:

Canterbury Property Services: Investment Strategy to Create Exponential Wealth.

Items on Amazon Right Now for Medical Aid Tax Deduction:

Volunteer Abroad Philippines Health Care Programs Medical Nurses EMT’s Dentists

Question: Is ELECTIVE egg harvesting reimbursable from Flex Spending?

IRS guidelines for Deductible Medical expenses and those reimbursable under section 125 of the Flexible Spending provsion state that fertility treatments (including IVF) are eligible if used to “overcome an inability to have children”. I have not been diagnosed with fertility and have not been trying to get pregnat, but I am wanting to extend my fertility by harvesting eggs and freezing them or resulting embryos (should I choose to fertilize before freezing) for potential use in the future.

I am at an age where fertility is generally accepted to be diminished but I have no medical evidence or diagnosis of infertility.

Answer: Basically anything that is elective is not allowed. In saying that, I can think of half a dozen exceptions, but this isn’t one of them.

I’d love to add to this, to offer suggestions of ways you might be able to finance this or get around tax, but there’s nothing. This just really doesn’t count under any of the rules.

Items on Amazon Right Now for Irs Deductible Medical Expenses:

Umbilical Cord Blood – TaxMama.com

Question: Can I contribute to an FSA through my employer if I’m covered by my husband’s HDHP insurance w/ HSA?

My daughter and I are covered by my husband’s health insurance through his employer. We have a High Deductible Health Insurance Plan and contribute to a Health Savings Account through my husband’s payroll deduction.

Through my employer, I have only elected to have Vision coverage. So, can I set up a Flexible Spending Account through my employer and contribute through my own payroll deduction? I’m asking b/c I would like to have an FSA to pay for my daughter’s daycare expenses so that I may take advantage of the tax benefits of doing so. Thanks!

Answer: This is a question that can only be answered by your HR dept. If they offer an FSA for childcare expenses and medical expenses, it does not matter that you only have vision.

Items on Amazon Right Now for Health Savings Account Deductible Expenses:

Health Savings Account Overview

Question: Is your healthy insurance premium tax deductible? Is it better to do a group plan or individual plans?

I have a small company with three employees – is it better we get a group health insurance plan or all get individual plans? what are the tax benefits? I was told you can deduct more of the premiums if you are a company rather than an individual?

Answer: I have been a tax accountant for 27 years. I do not have enough information to give you a reliable answer to your question. However, you should look into a relatively new tax development called the HRA or HSA. Your bank should be able to provide you with information as to how these plans work. They are very flexible and work only when people purchase high-Deductible Health plans. The HRA or HSA accounts are used to pay out-of-pocket medical expenses (but not the insurance premiums) such as your deductible or co-pays under the plan. They are like IRA accounts for your health. I like them a lot. Please don’t be a fool; consult a tax professional. You are in a very complicated area of tax law.

Items on Amazon Right Now for What Is Health Plan Deductible:

High Deductible Health Plan