Adoption Tax Credit Is Continued
The bill to avert the fiscal cliff, which was signed on January
2, made the adoption tax credit permanent, extending the credit as it
was in the 2001 Economic Growth and Tax Relief Reconciliation Act. The
adoption credit is not refundable for 2012 and beyond, which means that
only those individuals with tax liability will benefit.
The credit will remain flat for special needs adoptions, which means that people who adopt children who are determined to be special needs (or hard to place) by a state or county child welfare agency can claim the maximum credit regardless of their expenses.
We cannot yet confirm the maximum amount of the credit for 2013, but it will be at least $10,000 (but might be higher due to adjustments for inflation).
We’ll provide additional details as they become available.
The article can be found here
So if we do owe taxes for this year ,2012 tax year (which I doubt) and the next
four years it will be deducted from the $12,6500. That is kinda awesome.
Refundable just made it easier to think about another adoption or helping another
family whose is in the process of adopting. I am sure God has a plan for everyone!
The credit will remain flat for special needs adoptions, which means that people who adopt children who are determined to be special needs (or hard to place) by a state or county child welfare agency can claim the maximum credit regardless of their expenses.
We cannot yet confirm the maximum amount of the credit for 2013, but it will be at least $10,000 (but might be higher due to adjustments for inflation).
We’ll provide additional details as they become available.
The article can be found here
So if we do owe taxes for this year ,2012 tax year (which I doubt) and the next
four years it will be deducted from the $12,6500. That is kinda awesome.
Refundable just made it easier to think about another adoption or helping another
family whose is in the process of adopting. I am sure God has a plan for everyone!
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