The Affordable Care Act: All the Rave
The Affordable Care Act is all the adoption community can talk about right now.
THIRTEEN THOUSAND DOLLARS!!!!
When we adopted Lulu, there was an adoption credit in place that remove your tax liability. My husband is self employed and it didn’t really relieve HIS kind of taxes.
Until there was OBAMA. NOW IT IS A REFUND NOT A CREDIT. I apologize that I do not remember when exactly it happened. But as I understand it, if you adopt special needs from the US, you don’t even have to show paperwork. It’s good for international adoption, too.
I heard from one friend who has adopted lots of kids since 2005, that she was getting BACK 90k. YES. Every other day I am getting an email from SOME organization or reading on someones blog about this so I figured I should, too.
Read about it here from NACAC: Federal Adoption Tax Credit for Special Needs Adoptions
and here from the IRS: IRS Issues Guidance on Expanded Adoption Credit Available for Tax-Year 2010
I AM NOT A TAX PROFESSIONAL 🙂