Finance & Enjoyment Blog

Changes to the Adoption Tax Credit -

There have been several changes to the adoption tax credit this year. Many of these changes are new to this year due to the passage of the health care reform bill. Several new opportunities for tax savings in both 2010 and 2011 have been created, yet all these savings expire after 2011 unless Congress takes further action to extend them.

This addition to the adoption credit allows for a maximum tax credit of up to $13,360 per eligible child, to cover processing fees and other costs directly attributable to the adoption process, with the credit extending to the adoption of any child including international and domestic adoptions.

Also, with the increase in the maximum credit, the change has created this one to be a refundable credit, allowing you to receive a refund beyond what you withheld in taxes. Keep in mind, that this tax credit will revert back to being a non-refundable tax credit with a much lower maximum after 2012 so if you are considering adoption you may what to proceed this year.

For additional information, contact KKB at 303-815-1100.

Posted in Your Financial House » Rules and Regulations »

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