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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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can i deduct cord blood banking on taxes

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Submitted: 8 years ago.
Category: Tax
Expert:  Merlo replied 8 years ago.

Hello Kelley,

Thank you for the opportunity to help you with this question.

I am providing you the quote from the description of what is reimbursable from HSA/MSA's. The general rule is that you can only be reimbursed from an HSA or MSA if it is an allowable medical expense.

Please note, that the critical underlying criteria, is that their is a diagnosed condition for which the cord blood banking is used to treat.

"...Storage costs associated with the freezing of blood cords, embryos, placentas and sperm (sperm banks) are generally reimbursable when a specific medical condition exists. Additionally, these costs are reimbursable only for a limited period until they can be used to treat the existing condition (generally up to one year). Diagnosis of the medical condition is required."

when claiming this deductable medical expense, remember that medical expenses must total 7.5% of your AGI in order to take the deduction. Also make sure you include documentation for the diagnosis of the medical condition when submitting your return.

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Thank you.

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