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I am a male who became a foster parent almost 4 years ago with a 1 1/2 month old baby boy. He is now 3 1/2. This past Friday we went to adoption court and he is now mine for keeps! They told me about adoption credits and benefits when tax time comes around again, however, so much was going on, can someone list these for me and tell me what I need to do at tax time? Thanks!
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If you get adoption subsidy, you qualify for the federal special needs adoption tax credit. This is a BIG DEAL. Make sure you understand it and claim it next year. [url=http://www.nacac.org/taxcredit/taxcredit.html]NACAC | Adoption Tax Credit[/url]You also get to claim the child as a dependent, but you probably already knew that.I am not sure about any state adoption tax credits.
If you get adoption subsidy, you qualify for the federal special needs adoption tax credit. This is a BIG DEAL. Make sure you understand it and claim it next year. [url=http://www.nacac.org/taxcredit/taxcredit.html]NACAC | Adoption Tax Credit[/url]
You also get to claim the child as a dependent, but you probably already knew that.
I am not sure about any state adoption tax credits.