Qualified Adoption Expenses

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Qualified Adoption Expenses

In U.S. tax law, the expenses eligible for the adoption credit, which is a direct dollar-for-dollar reduction in one's tax liability for each child under the age of 18 that a taxpayer adopts. Qualified adoption expenses include attorney's fees, court costs, and traveling expenses. It is important to note, however, that expenses incurred while adopting one's spouse's child are not qualified adoption expenses.
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Where such works can not be compensated in accordance with the other items of the statement and no adoption expense
The maximum amount of qualified adoption expense per child is $12,970 in 2013 and increases to $13,190 in 2014.
The Patient Protection and Affordable Care Act (PL 111-148) temporarily increased the adoption expense credit and fringe benefit exclusion limit for adoption-assistance programs and made the credit refundable.
Promoting adoption by enhancing the Adoption Expense Tax Credit to better recognize the costs of adopting a child.
Families facing high costs of adopting a child may ask their CPA about the adoption expense tax credit.
The IRS defines an eligible child as an individual who, at the time the adoption expense is incurred, is (1) under 18 or (2) physically or mentally incapable of caring for himself.
23 to provide a nonrefundable $5,000 adoption expense credit per child for qualified adoption expenses (QAEs) paid or incurred by the taxpayer.
The company is also creating a new benefit to assist associates with adoption expenses.

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