Updated information on the Adoption Tax Credit

TaxCalculatorThe tax credit for adoptive parents has been adjusted for the new year 2014.

Make sure you consult an experienced tax accountant if you are an adoptive family and have adopted.  We receive a lot of inquiries around tax time. In order to claim an adoption tax credit you will need to provide a copy of your subsidy agreement if a foster adopt family as well as a copy of a certified order of adoption. If you have adopted through an agency or an attorney you will need have a copy of your verified accounting with all your expenses when filing for the tax credit as well as a copy of the certified adoption order.

The maximum credit allowed for the adoption tax credit for 2014 is $13,190.  Phase outs do begin beginning with income levels of $197,880.

 

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