Pregnancy Tax Deductions




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Though pregnancy is expensive, there’s some benefits to all the the money you have to spend during tax season. Many expecting mothers are unaware that the majority of their pregnancy expenses are actually tax deductible. That’s why we’ve put together the list below what you can deduct on your taxes.

 

  • Diagnostic tests

  • Physical exams

  • Weight monitoring

  • Blood tests

  • Urine analysis

    • All considered diagnostic tests

  • Tests and screenings for birth defects

  • Most medical expenses incurred during 3rd trimester, including delivery

  • Cost of transportation to and from appointments, including parking

  • Childbirth Classes

 

Turbotax does a great job of explaining how to calculate how much of these expenses are deductible:

 

“When it comes time to prepare your federal income tax return, you should gather all of your receipts for every doctor visit, hospital stay, medication purchase and even the health insurance premiums you pay. Total all of these items and subtract an amount equal to 10 percent of your adjusted gross income from it. Only what’s left is deductible as an itemized deduction.”


Because getting these tax deductions can make doing your taxes a little more complicated, it’s a good idea to have a professional do them. Bring your receipts, as well as any documents you may have, and they will help you get the most out of your savings. If money is short, look for volunteer tax preparers in your area by calling 2-1-1. By getting this help, you can focus more energy on preparing for your baby.


By: Alecia Stanton




Related Categories

  • Financial Assistance



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