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is anyone on here an accountant, or know about the adoption tax credit?
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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is anyone on here an accountant, or know about the adoption tax credit?
we are adopting from south korea. we got matched with a baby boy in August. BUT, with the korean government, we won't be traveling to get him until probably next spring. which means we most likely won't be finalizing until 2013.
i know that amount it decreasing after this year. so, are we going to miss out on the big tax credit? or if we pay off of the fees this year, will we still be eligible for the $13k? Thanks for any info!
Message edited 9/18/2011 11:10:37 AM.
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Posted 9/18/11 10:54 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: is anyone on here an accountant, or know about the adoption tax credit?
Not an accountant but I think you can take the credit in the year you finalize. Otherwise it's a tax deduction which is good too but not as good.
BTW-congrats!!!!
ps..the tax credit was part of Obama's health care plan. There is a chance it will get extended to 2012 but not a chance if he doesn't get re-elected. Just my opinion.
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| Posted 9/18/11 11:09 AM |
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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Re: is anyone on here an accountant, or know about the adoption tax credit?
Posted by Blu-ize
Not an accountant but I think you can take the credit in the year you finalize. Otherwise it's a tax deduction which is good too but not as good.
BTW-congrats!!!!
ps..the tax credit was part of Obama's health care plan. There is a chance it will get extended to 2012 but not a chance if he doesn't get re-elected. Just my opinion.
thanks! i guess i worded my post wrong. i know we can take the credit the year we finalize, for fees we paid the year before. BUT when i went on the IRS website, it looks like the amount is decreasing after this year. This year, its $13K... next year, it goes down to $12 K. for 2013, it goes down to 6K.
SOO... since we most likely won't finalize until 2013- i think we can only get a 6K credit, even though we're paying fees in 2011 when the credit is $13K.
not that this credit is by any means the most important thing- just SUCKS the way the timing worked out...
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| Posted 9/18/11 11:16 AM |
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