Advertisements
Our salary falls in the phase out category for the tax credit. If we adopt a special needs child, will we still be eligible for only the reduced credit or for the entire amount?
Thank you for answering this question or referring me to an appropriate source of information.
Tammy
Like
Share
According to IRS Publication 968 - Introductory Material at [url]http://www.irs.gov/publications/p968/ar01.html#d0e507[/url]
Beginning in 2003, the maximum credit and exclusion, subject to the income and tax liability limits discussed earlier, will be allowed for the adoption of a child with special needs even if you do not have any qualifying expenses. For 2003, the maximum amount for each is $10,160.
My understanding is that yes, even the special needs credit is subject to the income limits.
AnnMarie
Advertisements