Adoption Credit & Expenses
The most frequently asked tax questions related to Adoption Credit & Expenses
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Answer Tax Questions2018-Adoption expenses
Asked Thursday, December 20, 2018 by an anonymous user
For 2018, the limit on the adoption credit as well as the exclusion for employer-paid adoption assistance is $13,810. The benefit phaseout range is modified adjusted gross income between $207,140 to $247,140.
Adoption Credit - 2016
Asked Thursday, January 17, 2013 by an anonymous user
In 2016 the maximum credit allowed for adoptions is the amount of qualified adoption expenses up to $13,460.
The available adoption credit begins to phase out for taxpayers with modified adjusted gross income in excess of $201,920 and is completely phased out for taxpayers with modified adjusted gross income of $241,920 or more.
The available adoption credit begins to phase out for taxpayers with modified adjusted gross income in excess of $201,920 and is completely phased out for taxpayers with modified adjusted gross income of $241,920 or more.
Can I claim an exemption for my child that I am adopting and who does not have a Social Security number yet?
Asked Tuesday, October 24, 2000 by an anonymous user
Parents in the process of a domestic U.S. adoption, and who do not have the child's Social Security number, should request an Adoption Taxpayer Identification Number by using IRS Form W-7A. Form W-7A is the Application for Taxpayer Identification Number for Pending Adoptions. To get this form you should go to either the IRS website, a local IRS office or call 1-800-829-3676.
Are the expenses I incur as a foster parent deductible?
Asked Tuesday, September 26, 2000 by an anonymous user
The amount of foster parent expenses that exceed the payments from a state agency can be deducted as a charitable contribution on IRS Schedule A.
Are my child's adoption costs deductible?
Asked Monday, September 25, 2000 by an anonymous user
You may claim an adoption credit for adoption expenses paid in the year the adoption is finalized. Subject to certain Adjusted Gross Income limitations, adoptive parents of a child who is either under age 18, physically disabled or mentally challenged, may be able to take an adoption expense tax credit in the year the adoption is finalized. The credit is claimed on IRS Form 8839. Additional qualifications may pertain if the child is a U.S citizen or lived in a foreign country. Speak to your local CPA about the credit and/or exclusion available.