Resources
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Through this non-profit 501 (c)
3 foundation, Lifetime Adoption Foundation, you will be able
to get help with counseling, maternity clothes and assistance
with living expenses as well as educational scholarships to
help you with your future, helping you build the future you
want. www.lifetimefoundation.com |
Good News for Adoptive parents-Adoption tax credit rises to $11,390
Parents who finalized an adoption last year may claim a maximum credit of $11,390 for adoption expenses on their federal income tax returns. The tax credit phases out for taxpayers with high modified adjusted gross incomes. Although the tax credit is set to expire in 2010, proposals to make that benefit permanent have received much legislative support.
Qualifying expenses include necessary adoption fees, court costs, attorney fees, traveling expenses, and other expenses directly related to the adoption. Adoptive parents who plan to claim the credit should file Form 8839, titled Qualified Adoption Expenses, and attach it to Form 1040. For more information and other downloads to required forms, please visit the IRS website by clicking here.