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Adoption Credit

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Adoption Credit
In U.S. tax law, a direct dollar-for-dollar reduction in one's tax liability for each child under the age of 18 that a taxpayer adopts. The adoption credit is intended to reimburse the taxpayer for attorney's fees, court costs, and traveling expenses. The credit is non-refundable, but if the amount of the credit exceeds one's tax liability, it may be carried forward for up to five years. The maximum amount of the adoption credit is adjusted for inflation. See also: Carryforward.
Adoption Credit
A nonrefundable credit for qualified adoption expenses incurred for each eligible child. The limit on the credit is indexed to inflation. For current figures, see our Adoption Assistance rate table. The limit is a per-child limit, not an annual limit. Any unused credit can be carried forward for five years or until used. For special needs children the full credit is allowed, regardless of the amount of actual expenses.
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Implications: Eligible nonrefundable personal tax credits include the dependent care credit, the credit for the elderly and disabled, the adoption credit, the child credit, the credit for interest on certain home mortgages, the Hope scholarship and lifetime learning credits, the credit for savers, the credit for certain nonbusiness energy property, the credit for residential energy-efficient property, and the DC first-time homebuyer credit.
Effects of Emergency Economic Stabilization Act provisions on ... by Cohen, Gary N.; Richardson, Todd A. / The Tax Adviser
To the extent that we did have a very low tax, this could be offset with tax credits awarded for research and development investment in alternative fuels and solar energy, a manufacturing credit, a low income housing credit, enterprise zone credits and an adoption credit.
California $ crisis: "conformity, or the Lack thereof, has to be the ... by California CPA
Income limits also increased to qualify for the adoption credit, hope and lifetime learning credits, exclusion for interest on savings bonds used for higher education, and the deduction for student loan interest.
Key tax changes for 2005 individual returns by Kess, Sidney / The National Public Accountant
 
 
 
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