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Hello all we are looking into adopting our fourth and final child. We are trying to determine how much we can spend and if we should take out a loan. Does anyone know what the adoption tax credit will look like after 2011. If we will be getting cash back like this year we could easily pay off a small loan. Just trying to determine what our budget will be.
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As of right now, the adoption tax credit exists for 2012, but only in its old form. It won't be refundable, you can only zero out your balance with the IRS, not get more money from them that you paid in. And it is not available at all for 2013 and after.
Of course, this can change at a moment's notice!
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Thats what I was afraid of! You know with all the programs out there that cost us so much money this was one that made sense! It did not matter how much money you had or didn't had. Adoption is needed and it is so expensive. It helped to offset some of these expenses. :grr: Well I guess an adoption loan is out of the question for us at this point. But l guess things do change so lets hope the next president has adoption in his life!