Members List Photos Events Local Adoption Support Search Arcade Reviews Membership Upgrade
Welcome to the Forums. Register
If this is your first visit, be sure to check out the FAQ. You may have to register before you can post or search: click here to proceed. To start viewing messages, select a forum below that you would like to view or click View All of Todays Posts.
Forum Categories
User Name
Password

Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 02-27-2008, 05:06 PM
ehmom ehmom is offline
Junior Member
Join Date: Jan 2008
Posts: 2
Total Points: 728.99
Donate
Reimbursement or Credit???

When we started the adoption process we were told the adoption expenses were reimbursement at tax time (if you had proof of expenses,etc). But as I read more, it sounds like it is not a straight reimbursement, but more like a credit. So we normally get a fairly large refund check each year, would this check be bigger when we claim the adoption expenses? If anyone had insight that would be great - will help in budget planning.
Thanks.
Reply With Quote
  #2  
Old 02-27-2008, 09:34 PM
mrsred's Avatar
mrsred mrsred is offline
Senior Member

Join Date: Feb 2004
Posts: 1,748
Total Points: 35,084.15
Donate
Here in Washington we are reimbursed fro up to $1500.00for adoption expenses. That was a straight reimbursement, after finalizing adoptions we turned in copies of reciepts to adoption support and got our money back. There is also the federal adoption credit, which is a different thing entirely. When you adopt a "special needs" child from the foster system you are allowed the full $10,000. tax credit. It can be carried over five years. So, if you do not use the full credit in one year the remainder can be carried over to subsequent years up to five years. If in five years you have not used the full credit you lose tha remainder.
And yes, we get VERY substantial tax refunds now. Last year, not only were we carrying forward on E's adoption credit, we had finalized another adotpion in 06. Figure we will be getting good refunds for at least another five or six years (in process of one more adoption).
__________________
J, bio son: born Feb '96
T, adopted daughter: born July '96, adoption finalized Dec '06
E adopted son: born Sept '99, adopted November '05
C, foster daughter, with us for 10 months in our home, with us forever in our hearts born Sept '03, placed with us August '07, moved late June '08

[I"]Jeremiah 29:11for I know the plans I have for you, declares the Lord, plans to prosper you and not to harm you, plans to give you hope and a future.[/color][/i]
Reply With Quote
Ready for Adoption?
Adoption Network Law Center
Adoption Network Law Center
Want to Adopt? Click here.
Click here to be helped in California!
Adoption Network Law Center
Pregnant? Click here.
Adoption Network Law Center
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Points Per Thread View: 1.00
Points Per Thread: 15.00
Points Per Reply: 5.00


All times are GMT -7. The time now is 02:02 AM.


Ready for Adoption?
Adoption Network Law Center
Adoption Network Law Center
Want to Adopt? Click here.
Click here to be helped in California!
Adoption Network Law Center
Pregnant? Click here.
Adoption Network Law Center