Magazine article Nutrition Health Review

Tax Credit of $10,000 for Adoptions

Magazine article Nutrition Health Review

Tax Credit of $10,000 for Adoptions

Article excerpt

Families who adopted a child with special needs from foster care in the United States could claim a federal adoption tax credit even if they had no adoption expenses.

The National Society of Accountants (N.S.A.) is promoting this tax credit opportunity, which includes tax credits of more than $10,000, in connection with Adoption Tax Credit Awareness Day on February 13. The special day was created by the North American Council on Adoptive Children (N.A.C.A.C.).

Children who receive adoption assistance or subsidy benefits are considered children with special needs. Even families who receive a deferred subsidy ($0 per month but medical coverage through the subsidy program) are eligible. All adoptive families, except those who adopted a stepchild, are eligible for the credit. Those who adopt children other than those with special needs must be able to document, if requested by the Internal Revenue Service, qualified adoption expenses.

A recent change in the tax law has made these credits refundable.

Families who adopted from 2005 to 2009 may be able to benefit from the refundable credit, because credits from those years can be carried forward until 2010. …

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