Adoption Tax Credit
April 15th is fast approaching and even we have not started our tax return. Those of you who finalized an adoption in 2007 are in for a nice treat; your adoption tax credit. But, what is the best way to file this (and should you be taking or lobbying for help from employers?)? It certainly helps that we can count on getting this back, right?
Here are the fundamentals of the adoption tax credit .
What is the Adoption Tax Credit?
More legal detail…
Specific numbers (like income phase out numbers and the exact adoption credit per year)
How to carry forward the credit to next year if you don’t qualify for the full return this year.
How to get an Adoption Tax Identification Number in case your child does not yet have a SSN (international adoption).
Form 8839 for Qualified Adoption Expenses…Most of us have no problem with this if we adopt internationally because the agency fees add up to more than the total returned.
Stay tuned for more…
