Today’s bonus episode guest is Kelly Damron, who is a CPA, a professor of accounting, and a volunteer board member of RESOLVE, the National Infertility Association.Kelly’s personal infertility story includes some male factor issues, which led to IVF. Fortunately, she became pregnant with twins on the first attempt! Even though they were premature and experienced complications, the girls are now happy and healthy at age 11.
Kelly is here to help us understand the in’s and out’s of tax deductions for fertility treatments:
- It’s my understanding that the cost of fertility treatments may be deductible at the federal level. What exactly is covered and what isn’t?
- How important is it to save all your medical receipts throughout the year? Follow-up: What else is important to have on hand when filing taxes this year?
- Is it too late to claim fertility treatment expenses from previous years?
- What are FSAs and HSAs, and how can they be used to pay for fertility treatments?
- I recently read that there’s a lawsuit pending claiming the IRS denied deductions to a same-sex couple, claiming being gay is a choice. Are you familiar with this case, and what are your thoughts as a CPA?
- Are there any other cost-saving tips you have for couples going through infertility that we didn’t discuss today?
- From a financial perspective, what words of hope would you offer to couples going through infertility who initially feel they might never become parents because of the costs involved?