Taxes are boring and tedious, until you find something that pays you back money. I have just the ticket for you. A new tax provision allows you to deduct your breast feeding pump and supplies. This is great news since a good pump can take a bite out of your new baby budget. I spent roughly $300 on mine just a few years ago, and mine didn’t even come with a sporty knapsack like the newer ones do.
Not everyone can deduct their pumps. Section 502 of the tax code applies to those who are able to take the medical deduction on their Schedule A, which means you must have had more than 7.5% of your adjusted gross income (AGI) in medical expenses. But look over the list, because you might be closer than you think to meeting that threshold. Payments to COBRA, insurance premiums you pay, and other big ticket items may apply.
If you don’t meet the AGI threshold but you have a Flex Spending Account (FSA) or medical savings account through your spouse’s employer, you may be able to purchase a pump with FSA funds. FSA funds are generally pre-tax, so that offers you a bit of a savings. But be sure to check with your plan, as the health laws are constantly changing. Recently some or all FSA’s required previously covered over the counter (OTC) items to now require a doctor’s prescription. So check with your doctor, and have her write you a script for your pump. The extra paperwork might just save you a chunk of change.
As always, check with your CPA or financial advisor for specifics in your situation.