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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The tax year of finality
is the year in which the adoption credit or assistance exclusion is
recognized and reported on the adoptive parent's return. Uncle Sam increased the adoption credit to $10,390 for
For tax years beginning after 2003, under the old law, the credits
(except the adoption credit, child credit and credit for savers) were
allowed only to the extent that the individual's regular income tax
exceeded the individual's tentative minimum tax (determined without
regard to the minimum tax foreign tax credit). |
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