The Federal Tax Credits Blog

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Question: How exactly does the adoption tax credit work?

My husband and I are considering an international adoption. We normally overpay on our taxes and as a result get money back every year when we do our taxes. I am not sure how this works with the adoption tax credit. Will we get that much more money back? Just trying to figure out if we can financially afford it and this information would really help.

Answer: I have not verified this but, from what I understand the Adoption Tax Credit will be changing if it has not yet. The Current Rules will Expire in 2010

Families who adopted Domestically or Internationally could claim the tax credit and were required to Document their expenses in order to do so. Any Employer Adoption Credit had to be deducted from the Tax Credit.

Families who adopted children from foster care can take it without proving the expenses to adopt (since there really arn’t any)

The Tax credit was originally designed to make it a little more possible for families to Adopt Children our Taxes are already supporting. The sad thing has turned out that many families who do adopt children from Foster Care didn’t think they could claim it because they thought they had to document the expenses.

The vast amount of people who have been Claiming it are doing so for International and Domestic Private Adoption and there has been a number of Senators wanting to change the law when it renews in 2010 and only allow the credit for children adopted from Foster Care as it was originally intended.

so….as far as we know right Now the Adoption Tax Credit will ONLY apply to US Foster Child adoptions after 2010…

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Question: How does the 10,000 dollar special needs adoption tax credit work?

In the next year or two I am planning on adopting a special needs child. How does the 10,000 dollar speciall needs adoption tax credit work? I’ve read I get a flat 10K regardless of expenses. Is this true? Is there anyone in the know here about special needs adoption. Please only reply if you really know and not on how you think it works…. thanks.

Answer: It’s not just for special needs, it’s any adoption.
Here is a good link:

http://adoptionblogs.typepad.com/adoption/2004/11/the_federal_ado.html

I just did it for my adoption. My understanding is that the credit is for money spent, so if you spend 5,000 you can get a 5, 000 deduction, not the full 10,000. I do know if you don’t need the full tax credit one year that you can apply it over several years until you use it all. Also check out the IRS website…the tax credit recently increased. I did my own taxes on Turbo Tax delux and it walked me right through it. You can only get the tax credit the year the adoption is completed though. So, if you have some expenses this year and the adoption takes 2 years then you have to wait to claim the expenses. Actually, they make you wait until baby has a social security number or temp. tax ID number AND adoption is complete. Good Luck!

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Question: Should mothers who keep their babies get the same tax credit as those who adopt?

There’s a special tax credit of $11,650 for out of pocket adoption expenses, why not one for mothers who keep their babies? Don’t they have out of pocket expenses, too?

Answer: OK my opinion….

Yes this tax credit will help adoptive parents, but I do think that it should be ONLY for the foster care parents whom choose to adopt the child. Why you ask? Because it is expensive when you adopt, most of the foster parents arent doing it because of infertility etc. We are adopting our foster children because we have come to love them unconditionally, and have bonded with them as our own children.

Now I am not trying to put down or insult the familys who cannot birth their own children, I am simply stating that as a foster parent I am not picking out the color, sex, etc. of my soon to be adopted child. I have sincerely fallen in love with the child/children and want them as a part of my forever family.

So I do think that the Tax Credit should be for Foster parents who adopt.

On the note of mothers who choose to keep their babies, then good for them, I have 2 bio-children of my own, I didnt CHOOSE to keep them for the yearly tax credit we get back from the IRS, We choose to keep them because there is NO OTHER CHOICE for us. We are married, we are ok on money, not rich, but our bills get paid, we have a roof over our head and food on our table. We may of had our children young, but we triumphed through the ‘out of pocket expenses’ for keeping our bio-children.

Just my serious opinion!

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