I need help with this project please Checkpoint Contents Federal Library Federal
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I need help with this project please Checkpoint Contents Federal Library Federal Editorial Materials WG&L; Journals Journal of Taxation (WG&L;) Journal of Taxation 2017 Volume 126, Number 01, January 2017 Income Tax Benefits for Conceiving Children Using Assisted Reproductive Technology Journal of Taxation, Jan 2017 PERSONAL Income Tax Benefits for Conceiving Children Using Assisted Reproductive Technology Author: BRAD DILLON, MICHAEL T. MELTZER, ROBERT R.LYONS, AND SEAN R. WEISSBART BRAD DILLON is a Senior Wealth Planner and Vice President at Brown Brothers Harriman in New York City. MICHAEL T. MELTZER is a Portfolio Manager in the Wealth Management Group at Tocqueville Asset Management L.P. ROBERT R. LYONS is the Tax Director of Exempt Organizations for Marks Paneth LLP and has served as an Adjunct Professor in the graduate department of American University in Washington, DC. SEAN R. WEISSBART is a trusts, estatos and tax attorney with Morris & McVeigh LLP and an Adjunct Professor of Law at Fordham University School of Law. Copyright © 2016, Brad Dillon, Michael T. Meltzer, Robert R. Lyons, and Sean R. Welssbart Assisted reproductive technology is expensive, but taxpayers conceiving children using this technology can obtain significant tax savings under Sections 213 and 23 lpg. 23) It is no secret that the cost of using assisted reproductive technology (ART) is not cheap. Between the expenses for in-vitro fertilization, compensating a surrogate to assist with childbirth, if needed, and legal fees, the cost can exceed $100,000. However, what may be a secret is the possibility of offsetting these costs with tax beneits found in the Internal Revenue Code. Specifically, two Code sections-neither of which directly addresses ART-may offset these costs by providing significant tax savings to taxpayers using ART to conceive children. The two sections are Section 213, which provides a tax deduction for necessary medical expenses," and Section 23. which provides a tax credit for the adoption of a child. This article explains how taxpayers conceiving children using ART can use the above-referenced Code sections to realize substantial tax savings. Before delving into the Code, the article first discusses the ART process and the variety of costs incurred by ART users. Following this discussion, the article explains how Sections 213 and 23 may be used to realize tax savings. Finally, the article provides a strategy-referred to as the·Double-Dipping Strategy".for how a couple using ART can reap the benefits of both Sections 213 and 23Explanation / Answer
Tax payers can avail of medical expenses deduction of I.R.C. (internal revenue code) 213 when they make use of assisted reproductive technology to conceive children. It is a fact that using advanced technologies like assisted reproductive technology is very expensive. IRC 213 provides for deduction of extraordinary medical expenses.
Internal Revenue Code says that tax-payers will be allowed as deduction expenses that they have paid during a taxable year. I.R.C’s section 213 allows an individual to deduct expenses for medical care incurred towards the taxpayer, his spouse, and dependents. The only condition is that their insurance should not cover such expenses. The quantum of deduction for qualified expenses is only to the extent that they exceed 7.5% of the taxpayer’s adjusted gross income (AGI).