[Archive]

Originally Posted By Nancy Schrader

My question is: We currently have two children placed
with us by Children's Home Society that are dependents
of the State of Washington. They are currently considere foster children, but should be eligible for
adoption in July 2002. We will be paying expenses
during 2002. Will we want to see if we can postpone
the adoption until January 2003 so we can receive the
new tax credit? Since we are adopting two children,
will we be able to take two separate credits?

[Archive]

Originally Posted By Donna

The tax credit became effective 1/1/02, so you can complete your adoption in 2002; your credit would be filed on your 2002 return, which is mailed in the beginning of 2003.

Also, the credit is per child -- so, if you end up spending $20,000 to adopt both children, then $10,000 would apply to one and $10,000 to the other.

Good luck!