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Old 04-10-2012, 01:54 PM   #1
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Adoption Tax Credit

Thought I would share some news I read in my newsletter from an adoption agency

News on the Federal Adoption Tax Credit: Adoption advocates and families have been working tirelessly to see the Adoption Tax Credit extended. It is now part of the federal budget proposal, and we may hope that it will be passed and made a permanent credit for all adoptive families. We will inform our readers as more news becomes available.

This would be fabulous to help all those that incur costly expenses when adopting! Woot!

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Old 04-10-2012, 06:29 PM   #2
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Re: Adoption Tax Credit

wouldn't that be awesome if it was permanent? thanks for sharing.
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Old 04-11-2012, 09:06 PM   #3
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I find that a little misleading. The adoption tax credit was in the original budget Obama proposed and the entire budget was unanimously voted down. There's no word yet on whether or not it will be in the new drafts. My DH is a tax attorney, so he's been keeping on top of news about it.
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Old 04-12-2012, 03:37 AM   #4
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Re: Adoption Tax Credit

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Originally Posted by FindingMercy View Post
I find that a little misleading. The adoption tax credit was in the original budget Obama proposed and the entire budget was unanimously voted down. There's no word yet on whether or not it will be in the new drafts. My DH is a tax attorney, so he's been keeping on top of news about it.
huh? What do you mean?
We personally utilized the original tax credit along with 1000's of other people.
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Old 04-12-2012, 06:53 AM   #5
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Re: Adoption Tax Credit

i think she means for the upcoming year.
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Old 04-12-2012, 06:59 AM   #6
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Re: Adoption Tax Credit

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Originally Posted by newmommy13 View Post
i think she means for the upcoming year.
Ok, I was confused on what she said because I personally used this credit along with tons of adoptive parents that I know....lol....

So yeh, that's why I posted this because the original one had expired Jan 30, 2012. We are hoping that it becomes permanent!
Would so great for so many people
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Old 04-12-2012, 07:29 AM   #7
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I know it's been used in the past, but as of right now it has to be approved each year. It has not been approved yet for this year.
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Old 04-12-2012, 07:32 AM   #8
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Sorry if my reply seemed snarky or anything. It bothers me to have agencies talk so much about the tax credit because I feel it has allowed agencies to inflate fees while saying not to worry because you can get all this money back. The truth is the credit is no longer refundable, so you can only get back what you've paid in for taxes and you really can't spend money this year under the premise that you will get it back in you tax return because that is not certain.
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Old 04-12-2012, 07:42 AM   #9
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Re: Adoption Tax Credit

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Originally Posted by FindingMercy View Post
I know it's been used in the past, but as of right now it has to be approved each year. It has not been approved yet for this year.
Oh it's still used but its due to revert back to the $5k and $6k (special needs) credit starting 2013 (if approved I should say)
During the health care reform, legislation extended and revised the adoption tax credit. increased the maximum credit amount, also made years 2010 & 2011 refundable (which was a blessing)

I followed it VERY closely- it effected a lot of people in my association because of adoptions out of the foster care system.
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Old 04-12-2012, 07:46 AM   #10
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Re: Adoption Tax Credit

Didn't sound snarky to me
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