Is there a tax deduction if my wife is pregnant?

Answer 1

Sorry, not just because she is pregnant. If her medical expenses are high and not covered by insurance or reimbursed through a flex spending plan, anything in excess of 7.5% of your adjusted gross income that you actually paid out would be deductible if you itemize. Included in medical expenses would be some things most people never think of, like prescription lenses and over-the-counter drugs like ibuprofen. This is one area that most people don't keep good records in, but with the skyrocketing costs of out-of-pocket expenses for health care, it's one area more people could use to their benefit. And since insurance providers will bill your wife and the baby as two separate people, you will usually pay twice as much in deductibles.

Answer 2

No. Not until she gives birth. The person (or married couple) claiming the child as a dependent will get a personal exemption for the child and possibly qualify for a Child Tax Credit and Earned Income Credit (for lower income individuals)

See IRC section 151 for dependency rules.

Any tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed on the taxpayer by any governmental taxing authority or agency.

Answer 3

You can deduction medical expenses above a certain amount. Check the IRS web site.

Answer 4

Nope.
You need a child to be born and have a social security number to claim the deductions.

Answer 5

After the birth.

Answer 6

Possibly the medical bills if you have enough deductions.

Answer 7

Only for unreimbursed medical bills that exceed 7.5% of your AGI, if you itemize your deductions.

Answer 8

No, but when you file next year you'll get an exemption for the baby, and be eligible for the child tax credit.