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Posts Tagged ‘adoption tax credit’

North Central Community Calendar — Dec. 16

share: digg facebook twitter Send your North Central public event notices (including recreational sports) for free to Edmond Ortiz at eortiz@primetimenewspapers.com; by fax at 250-3350; or by mail to him in c/o North Central News, P.O. Box 2171, San Antonio, TX 78297-2171. North Central Baptist Hospital hosts support groups and free educational programs: couples …

Question: International Adoption tax question.?

We adopted our daughter from China. We started the process in 2005, our home study Anniversary date was 12/05/2005 Because of the very long match waits we did not travel till Feb of this year, 2008. The adoption as far as China is concerned was finalized in China, Our Daughter became a US citizen when we touched down back in the states. Both my husband and I traveled to China so the adoption would be complete there. Our State, VA requires a 1 year followup for the ‘re-adoption’ to receive a VA Birth Certificate. Our Agency as well requires a 1 year update this will be at the end of Feb. 2009.

Does anyone know about the Federal Government Tax credit for adoption? It is my understanding that it is around $10500 or so. Can we claim this credit this year on our 2008 taxes or will we be forced to wait one more year to claim this on our 2009.

Answer: Hi Lilly,

I think you can claim the tax credit on your 08 filing. You’ll need IRS form 8839. The instructions are on IRS publication #968.

If you google the form and publication, you should find what you’re looking for.

BTW- Congratulations!

Senate Tax-Cut Plan Would Add $857 Billion to Debt Over Decade

Senate leaders released an agreement crafted by the White House and Republicans to sustain Bush-era tax rates through 2012, set the estate tax at the lowest rate in 80 years, extend jobless aid and cut payroll taxes by 2 percentage points.

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

ABBA Fund Introduction

Question: Adoption Tax Credit and distribution from 401k?

O.k. my husband and I adopted/finalzed in 2008. In April we took $15K from 401k thinking that we would adopt and finalize the same year. The penalities and taxes we thought the $11650 from the Adoption Tax Credit would be used to offset that.

This is what I have been told.

Is this correct?

Will we end up owing?

Answer: Since the tax on the 401k should be about 5,000 the adoption credit of 11,650 should offset it very well. You will not owe. But the adoption credit is not refundable. Actual refund depends upon everything else. See calculator below.

http://www.hrblock.com/taxes/tax_calculators/index.html?calcIndx=1#top

Why more Americans pay no income tax

If “taxes are the price we pay for civilized society,” to quote Justice Oliver Wendell Holmes Jr., then April 15 is the day that bill comes due for every working American.

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

Davos Annual Meeting 2010 – CNBC The Next Global Crisis