|
Re: 2003 Tax Credit
Originally Posted By Jim Seas
In speaking with my tax accountant...what I found was...YES. The flat tax credit is to assist in compensating family's that adopt a "special needs child" who might need to get a bigger car, a larger home, remodel to make use of special things (ramps, wider doorways for wheelchairs, etc.) as well as assist families to bring permanancy to these kids and make a family. I look forward to Jan. 1, 2003 as I move forward to finalizing my adoption of my youngest son whom I will be adopting out of the MN Foster Care System. THE KEY TO THE FLAT TAX CREDIT IS - the finalization MUST occur beginning Jan. 1, 2003 - if you finalize within 2002 - that credit cannot be taken. ALSO...it can be spread over a FIVE year period - thus if you don't use the entire $10,000 in year #1 - you can use the "remaining balance" within years 2, 3, 4, and then finally in year 5.
BEST OF LUCK!
__________________
Please feel free to reply to this Archived post.
Please note that there may not be a way to contact the author of this post unless they left contact information.
|