IVF and TAX

[Loula]

I was looking for the thread with regards to doing your TAX with IVF treatment.

so totally confused

if anyone else finds it can you send me in the right direction........i have done a search on 'TAX' and cant find anything

Thanks

[Manhattan]

Hi Loula, this is one from last week

IVF & Taxes

Hope thats what you're after

[Loula]

Found it! lol

[onthefly]

Is this what you mean? - you can claim 20c in the dollar for each dollar spent on health in the financial year over & above $1,500 (numbers may have changed...).
So if you spent $3,000, you could claim on 20c * (3,000-1,500) = 300

[Loula]

ok so i added up my medical expences $6162.50 This included private consultations not claimable on medicare,

medicare paid $3521.65 so what does this mean?

[dusty]

You can claim (6162.50-3521.65) = $2640.85 - $1500 = 1140.85 x 20% = $228.17

[Loula]

oh thats not very much.

oh well evey little counts

[Loula]

Ok my tax lasy has told me not to add anything up that has been submitted to medicare as this will show on my statement

[Manhattan]

Not quite sure what statement you mean Loula, but Dusty's calculation is correct, and you are entitled to claim anything from Medicare that wasn't refunded. The calculation allows for all refunds, so you are not double dipping.

[rufalina]

If you ring medicare and ask them for a financial year claims statement they will mail one to you and it will have all yout expenses claimed and the refund paid. So you get an idea of out of pockets from that... Have a look on the medicare website. It has the details there.

[Loula]

no i think i have everything covered.

we spent 6162.50

we were 'charged' 5995.65

Benefit paid 3521.65

reciepts presented 1656.65

so what am i claiming teh balance of?

6162.50 - 5995.65?

so i am claiming 166.85?

Total confussion here ladies !!!

[Loula]

If you ring medicare and ask them for a financial year claims statement they will mail one to you and it will have all yout expenses claimed and the refund paid. So you get an idea of out of pockets from that... Have a look on the medicare website. It has the details there.

Thanks i have my statement

[Manhattan]

I'm inclined to stick with Dusty's initial calc as your medical expenses were supposed to cost $6162 (or 5999 according to MC) and Medicare contributed $3521 towards them. So overall, you were out of pocket $2641.

[Lenny]

I'm with Dusty.
What you actually paid $6162.50
Less what medicare gave you back $3521.65
Gives you $2640.85
Seeing as you can only claim what you spent over $1500, then you can claim on $1140.85. ($1140.85 x 20% = $228.17)

Not much really...

[melbel]

The receipts presented bit is your out of pocket for medicare..so you can claim that.....you can also get a summary from PHI for any gaps you may have paid there for any services.....dont forget also any prescriptions etc you can claim them too...just not over the counter meds like panadol, vitamins etc.....

[Loula]

Thanks Mel scrips added up to $1000 shy

[Lenny]

You can do your dentist and glasses too can't you??

[Loula]

yep will add that seperate