The adoption tax credit, a benefit that helps make adoption more affordable for families, was increased and extended as part of the health care reform bill recently signed into law by President Obama.
Families who finalize an adoption in 2010 may now be able to take advantage of a tax credit of $13,170 for qualifying adoption-related expenses. The adoption tax credit was also made refundable for all types of adoption.
The adoption tax credit has helped families across the nation grow their family through adoption and has helped countless children in need find a forever family of their own. However, the tax credit was set to sunset at the end of 2010 and revert back to its original dollar limit of $5,000 per adoption or $6,000 for the adoption of a child with special needs. However, also as part of the health care reform bill, the credit has been extended until December 31, 2011.
Families should consult with a qualified tax expert to learn more about claiming the adoption tax credit.
To learn more about the adoption tax credit, visit http://www.irs.gov/taxtopics/tc607.html.
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Yeah that's what I said. Hey great blog..Best of luck on your adoption journey.
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