|
This year the adoption tax credit is a little over $11,000.00.
If you adopt a child that is considered "special needs" than you get the full credit amount (as long as you had paid out that much in the year in taxes, if not then you can split it up for the next few years). It does not matter how much you paid out for the adoption.
Along with the credit you can deduct any amount it costed you for the adoption like attorney fees, fingerprints and so on.
If the adoption is not considered "special needs", then you can only claim what you paid out for the adoption.
For instance if my dh paid out in taxes last year on his W2 $15,000.00 and we did have a special needs adoption finalized so we would receive the full $11,000.00. Then we would deduct any amount paid for the adoption.
I hope that made sense?
|