B loses the adoption credit
because a married same-sex couple cannot take an adoption credit
when one spouse legally adopts the other spouse's baby.
The adoption credit
dropped by the largest percentage (95.
Current tax credits include the credit for child and dependent care expenses, education credits, the foreign tax credit, the retirement savings contributions credit, the child tax credit, the adoption credit
, the plug-in electric vehicle credit, and residential energy credits.
A few exceptions apply, including the adoption credit
Families wishing to claim the adoption credit
should visit www.
The Government Accountability Office was recently asked to describe the IRS strategy for ensuring compliance with the adoption credit
for the 2011 filing season, assess the IRS related communication with taxpayers and stakeholders, and assess its processing and audit of claims.
By contrast, the full amount of the adoption credit
is allowed to taxpayers adopting a special needs child regardless of the amount of qualified adoption expenses paid by the taxpayer.
Most of these changes relate to recent tax legislation for the Alternative Minimum Tax (AMT), (1) mortgage debt relief, (2) deductions for charitable cash contributions, (3) and a number of credits including the Hope and Lifetime Learning Credit, (4) Adoption Credit
, (5) and Earned Income Credit.
The Web page provides information and links regarding DOD's Adoption Reimbursement Program, military leave and the Internal Revenue Service Adoption Credit
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.
The 2001 Tax Act permanently extended the adoption credit
for kids other than special-needs children (which was already permanent), and increased the maximum credit to $10,000 per eligible child, including special-needs youngsters.
202: Expansion of Adoption Credit
and Adoption Assistance Programs