Adoption Tax Credit Info

Affording Adoption

Posted on: June 7, 2010

Did you know that it has become extremely LESS expensive to adopt a baby? That is because the Federal Government has created the adoption tax credit for adoptive parents.

Basically, whenever you adopt a baby, the government will pay you up to $13,170. This is in the form of a tax credit, and is fully refundable on your federal taxes.

From IRS.GOV:

You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child (including a child with special needs). The adoption credit is an amount subtracted from your tax liability. For expenses paid prior to the year the adoption becomes final, the credit generally is allowed for the year following the year of payment. A taxpayer who paid qualifying expenses in the current year for an adoption which became final in the current year, may be eligible to claim the credit for the expenses on the current year return, in addition to credit for expenses paid in a prior year. The adoption credit is not available for any reimbursed expense. In addition to the credit, certain amounts paid by your employer for qualifying adoption expenses may be excludable from your gross income.

So there you have it. Start the adoption process today by filling out this free adoption application.

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