TAX CREDIT FOR ADOPTIVE PARENTS! THE GOVERNMENT WANTS TO HELP COVER THE COSTS!
If you adopted a child in 2011, you could be eligible for up to $13,360 to cover the costs!
The Federal Affordable Care Act’s Adoption Tax Credit has recently been expanded to help adoptive parents cover the costs of adopting a child. This is great news for adoptive parents as the amount of the credit has been raised and the credit has been made refundable. This means that, even if your tax liability is zero, you can still receive the money you qualify for as a check sent to your mailbox!
Under the Credit’s guidelines, a parent(s) who adopted a child during 2011 is eligible to receive a refund on qualifying expenses relating to the legal process of adoption. These expenses could include the costs of paying for a lawyer, court costs, expenses related to travel, and, of course, the adoption fees themselves. To qualify, the child must be under 18 years of age, or mentally or physically unable to care for themselves. For 2012, you can still claim the credit, it just is no longer refundable.
If you welcomed a new member into your family in the past year, then just think of how many diapers $13,360 can buy!