The push to save the adoption tax credit this past year was huge.
Everyone kept posting "Save the adoption tax credit", go here and
here, write your congress person, etc.
From what I read, it would only save the credit for Special Needs Adoptions,
aka, Foster adoptions only ! Which is really what it was established for.
We did get to get whopping refund for Rohana's adoption and used it wisely
to fix our our roof and start another adoption.
So now, more than ever International Adoptive Families will need lots
of financial help and prayer.
My heart goes out to those families who are in process for an Adoption
from Russia that has come to a STOP. Praying for you and the children.
This is what I got from the IRS web site.
For tax year 2012, the credit is nonrefundable for all adoptions:
The maximum credit and the exclusion for employer-provided benefits are $12,650 per eligible child.
For tax year 2013, the credit is nonrefundable and for special needs adoptions only:
The maximum credit is $6,000 per eligible child, and is only for special needs adoptions. The exclusion for employer-provided benefits is not allowed. The income phase out amounts for 2013 have not yet been determined.
I do not see how a non refundable helps. You can carry it over for 5 years but if you
do not make lots of money to owe taxes then no amount get deducted from your taxes.
So you do not get the benefit of the Adoption Tax Credit. ???
We can only pray that something changed with the signing of the Fiscal cliff avoidance.
Everyone kept posting "Save the adoption tax credit", go here and
here, write your congress person, etc.
From what I read, it would only save the credit for Special Needs Adoptions,
aka, Foster adoptions only ! Which is really what it was established for.
We did get to get whopping refund for Rohana's adoption and used it wisely
to fix our our roof and start another adoption.
So now, more than ever International Adoptive Families will need lots
of financial help and prayer.
My heart goes out to those families who are in process for an Adoption
from Russia that has come to a STOP. Praying for you and the children.
This is what I got from the IRS web site.
For tax year 2012, the credit is nonrefundable for all adoptions:
The maximum credit and the exclusion for employer-provided benefits are $12,650 per eligible child.
For tax year 2013, the credit is nonrefundable and for special needs adoptions only:
The maximum credit is $6,000 per eligible child, and is only for special needs adoptions. The exclusion for employer-provided benefits is not allowed. The income phase out amounts for 2013 have not yet been determined.
I do not see how a non refundable helps. You can carry it over for 5 years but if you
do not make lots of money to owe taxes then no amount get deducted from your taxes.
So you do not get the benefit of the Adoption Tax Credit. ???
We can only pray that something changed with the signing of the Fiscal cliff avoidance.
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