[BrandiS]

DH was doing a little research and it looks like the credit went up for 2006 and is now $10960.. (from $10k)

Just thought I would share...

[dj29again]

OOH! So that means I should wait to get the credit until filing for 2006. That is a decent leap....

[astra]

Wow I hope that is true!! We can't file this year, as we haven't finished our readoption, (we didn't visit our son)

[kauai2k]

And I believe that the income range for the sliding scale part of the credit is $164,400 - 204,000.

Meaning that if you make under the $164K, you are eligible for the full credit. Anywhere in between it becomes a sliding scale.
Anything over $204K and you are hugely blessed!
diane

[Mom4Nicholas]

I just got off the phone with the IRS, specifically the department that handles the adoption credits.

I am not sure where you got this information, but it is incorrect.

The adoption credit for 2004 returns was $10,390 and the adoption credit for 2005 was just published very recently.

The amount for 2005 returns is $10,630

Please keep in mind that every year the IRS raises the adoption credit for inflation.

Also, the adoption credit amounts for preparing your 2006 returns have not been published yet. They will not be decided upon until later in the year as a direct effect of the market.

Also, if you are looking for tax advice on any part of the adoption credit, please call the IRS and tell them your specific situation and they will tell you what you can do for free. The telephone number is on the website www.irs.gov.

Since publication 968 has not yet been updated for 2005 on the website, you can look at the 2005 instructions for form 8839 and they will tell you updated rules and confirm that the new credit for 2005 is indeed $10,630.

Please make sure you get the right tax advice before filing your returns.

Originally Posted by BrandiS

DH was doing a little research and it looks like the credit went up for 2006 and is now $10960.. (from $10k)

Just thought I would share...

[Smylinatya]

When I look up 2005 adoption tax credit, I can only see the amount for 2004 which was $10,390. What is the amount for 2005?

Jenn

[Mom4Nicholas]

Please read teh instructions on the IRS website for form 8839, it tells you that the credit for preparing your 2005 return is $10,630. Also, read my post above.

Originally Posted by Smylinatya

When I look up 2005 adoption tax credit, I can only see the amount for 2005 which was $10,390. What is the amount for 2004?

Jenn

[Smylinatya]

That is weird that when it quoted my post, things got changed around. I wasn't asking what the amount for 2004 was.

Thank you for the info on 2005. I don't recall seeing your post when I went to post mine.

Jenn

[Mom4Nicholas]

LOL - ok:

2004 = 10,390

2005= 10,630

Originally Posted by Smylinatya

That is weird that when it quoted my post, things got changed around. I wasn't asking what the amount for 2004 was.

Thank you for the info on 2005. I don't recall seeing your post when I went to post mine.

Jenn

[Smylinatya]

Originally Posted by Mom4Nicholas

LOL - ok:

2004 = 10,390

2005= 10,630

Thanks for the clarification Have a great day. And really, thanks for the info.

Jenn

[BrandiS]

Thanks Nicholas's Mommy!!

I was just snooping around on DH's notes and that is the number he wrote down. I have NO idea where he got it from.. I was just excited to see a 'little' more for 06 but truth be told, I had no idea that it went up each year!

So.. thank you so much for posting more info!

Muchas Gracias!!