Oct
Special Needs
Posted in Strollers | No Comments »How does the $ 10,000 special needs associated tax adoption credit?
In the next year or two, I have decided to adopt a child with special needs. How the dollar 10,000 speciall work needs adoption tax credit? I read I get a flat fee regardless 10K. Is this true? Is there anyone in here know about special needs adoption. If please answer if you really know and not on how you think it works .... thank you.
Not only for the needs individuals, the entire adoption. Here's a good link: http://adoptionblogs.typepad.com/adoption/2004/11/the_federal_ado.html I just did my adoption. My understanding is that credit is money spent, so if you spend 5000 you can get a 5, 000 deduction, not the full 10,000. I do not know if you have not need the full tax credit one year that you can apply it over several years until you use it all. Also visit the IRS ... Tax Credit increased recently. I did my own taxes on Turbo Tax Delux, and I walked right through it. You can get the tax credit the year the adoption is complete though. So if you have loads of exercise and the adoption is done in 2 years, then you must wait to claim expenses. In fact, they make you wait until your baby has a number social security or temp. Tax Identification Number and the adoption is completed. Good luck!