Federal Adoption Tax Credit
The 2009 Federal Adoption Credit or Exclusion has increased to $12,150 this year.
Don't forget to claim this on your taxes for credit on qualified expenses paid to adopt an eligible child. Qualified expenses include expenses directly related to the legal adoption of a qualified child, including adoption fees, court costs, attorney fees, and traveling expenses such as airfare, meals and lodging. The qualified expense credit is now set at $12,150. Also, under an employer-provided adoption assistance program, the amount to be excluded from an employee's gross income for qualified adoption expenses incurred is now set at $12,150. The IRS also set the income eligibility phase-out income at $182,180 to $222,180; incomes over $222,180 are ineligible for the credit and exclusion.
Talk to your accountant or read more from the IRS to learn if you qualify and how to claim your credit or exclusion.
If you are interested in adopting a child, please contact the Chaille Law Firm.
