In case you are interested the IRS had a great page talking about the expanded adoption tax credit for 2010 and further out. Here it is or you can check them out yourself for much more information on their site at this
IRS link.
Seven Facts about the Expanded Adoption Credit |
| |
IRS Tax Tip 2011-34, February 17, 2011
You may be able to take a tax credit of up to $13,170 for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund.
Here are seven things the IRS wants you to know about the expanded adoption credit.
1. Beginning in tax year 2010 the credit is refundable, meaning that you can get it even if you owe no tax.
2. For tax year 2010 you must file a paper tax return and Form 8839, Qualified Adoption Expenses, to get the credit and you must attach documents supporting the adoption.
3. Documents may include a final adoption decree, placement agreement from an authorized agency, court documents and the state’s determination for special needs children.
4. Qualified adoption expenses are reasonable and necessary expenses directly related to the legal adoption of the child. These expenses may include adoption fees, court costs, attorney fees and travel expenses.
5. An eligible child must be under 18 years old, or physically or mentally incapable of caring for himself or herself.
6. If your modified adjusted gross income is more than $182,520, your credit is reduced. If your modified AGI is $222,520 or more, you cannot take the credit.
7. Taxpayers claiming the credit will still be able to use IRS Free File to prepare their returns, but the returns must be printed and mailed to the IRS, along with all required documentation.
For more information see the Adoption Benefits FAQ page available at http://www.irs.gov or the instructions to IRS Form 8839, Qualified Adoption Expenses, which can be downloaded from the website or ordered by calling 800-TAX-FORM (800-829-3676).
Links:
Form 8839 ( PDF)
Instructions for Form 8839 ( PDF)
Adoption Benefits FAQs |
|
Disclaimer
The content on The Wayfarer:Ethiopian Adoption Resource Blog is for informational purposes only. We are adoptive parents, but we are not professionals. The opinions and suggestions expressed here are not intended to replace professional evaluation or therapy, or to supersede your agency. We assume no responsibility in the decisions that families make for their children and families. There are many links on this blog. We believe these other sites have valuable information, but we do not necessarily share all of the opinions or positions represented by each site, nor have we fully researched every aspect of each link. Please keep this in mind when visiting the links from this page.
Thank You.
A Links Disclaimer
I post a lot of links. I do so because I feel that the particular page has good information and much to offer. I do not necessarily support all that each site has to say or promote. I trust you to sift the links for information you feel is worthwhile to you. Each person's story and situation are unique and different things will be useful or not useful to each one in different ways. Please use your own discretion when accessing links and information.
Posts
No comments:
Post a Comment
Please leave a comment: