How do I claim the adoption tax credit?

How do I claim the adoption tax credit?

Answers

  • In order to claim the adoption tax credit you must have incurred qualified adoption expenses, including court costs, adoption fees, travel, and more in process of adopting a child 18 years and younger. Make sure to check with your accountant for the specific list that qualifies for the tax credit. The tax credit also is claimed the year AFTER the expenses are claimed. For example, our son was born in August of 2014. He was legally adopted in 2015, so we claimed the tax credits in 2015. Also, for the Federal tax credit, they can be claimed whether your adoption was successful or not. We had a failed adoption in 2016 and were able to "recoup" some of our expenses via the Federal tax credit in 2017.

    The great thing about the Federal tax credit is that it is a tax refund for any amount of tax you paid in for the year that you are claiming the credit. For example, if you had paid in $10,000 in taxes, you would receive that full amount back in the form of a tax refund, and still have a remaining $3,840 (for 2018) to claim the following year.

    If you need more information, you can check out this link
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