The So-Called "Primal Wound"
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Call it the eighth wonder of the adoption world, the Adoption Tax Credit has helped thousands of adoptive families recoup the costs of their adoption. Unfortunately many families don’t take full advantage of this credit due to a lack of understanding or direction from their own tax professional or worse don’t even bother to take the credit once their adoption is complete.
The Adoption Tax Credit is just as it says: a ‘credit’ means that you receive back only what you have paid in tax liability. The credit was refundable for a short period in 2010 and 2011 and then returned back to its credit status in 2012. The credit is claimed one time for each child. There are many organizations, advocates and politicians who support the tax credit and who continue to rally for it to one day be refundable…then it really will be the eighth wonder of the world!
But for now, it is what it is and the Adoption Tax Credit for 2017 is $13,570.00. This amount changes each year. The list below provides some guidelines for how to take full advantage of the credit:
Bottom line, this is an important factor when considering adoption. While there is no silver-bullet, no one ‘thing’ is going to pay for all of your adoption, there are many ways to develop a plan for how you’ll come up with all the money you’ll need to bring your family together forever. In the meantime, some excellent resources are listed below for how you can learn more about this credit. Oh, and by the way, advocate, advocate, advocate…even though the tax credit is permanent, it still needs to be refundable. Pick up the phone and call your representative to let them know how important changing the credit to a refund is to the future of so many families.
About the Author: Kelly Ellison is an adoptive parent who developed the Adoption Finance Coaching System to help adoptive families discover how they can cover the cost of their adoption. She now works with 30 different adoption agencies and professionals, including Children’s Home Society of Minnesota and Lutheran Social Service of Minnesota. This service is available to clients of Children’s Home & LSS for free. If you work with another agency, ask your agency about whether they partner with Your Adoption Finance Coach.
On February 27 at 6 p.m. CT, join us for a webinar with Becky Wilmoth from Bills Tax Service to learn all about the adoption tax credit. In this webinar Becky will cover who qualifies for the adoption tax credit, what it is, how to claim qualified adoption expenses, what types of refunds you can expect, and IRS documentation that you will need. This webinar will be useful for families who have completed their adoption or are just getting started!
With a combined 275 years of experience, Children’s Home Society of Minnesota and Lutheran Social Service of Minnesota serve children and families through adoption, child welfare, and family preservation. We are driven by the understanding that a child in a safe, nurturing home is a child who thrives. We work to give every child security, opportunity and a loving fa...Learn more, see kids, or contact agency 1605 Eustis St. Minnesota
22 Mar 2017
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