Adopting in 2007? Your Tax Credit Just Got Increased! WOOHOO!!
Good news for those who are adopting or finalizing an adoption in 2007:
The Federal Adoption Tax Credit limit is being increased to $11,390 for a child with special needs and the maximum credit allowed for other types of adoptions has also been raised to $11,390.
You can exclude this tax credit from your gross income for qualifed adoption expenses paid or incurred by your employer under a qualified adoption assistance program in connection with your adoption of an eligible child. The credit begins to phase out if you have modified adjusted gross income of $170,820 or more and is completely phased out if you have modified adjusted gross income of $210,820 or more.
I read this on someone's blog and thought that we could all benifit from thinking about this - which means tracking our adoption expenses and making sure that we know where our money is going, taking care of ourselves financially helps us to provide for our families. Love to you all... MandyJo
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2 comments:
Good to know - thanks for the information - I so need to keep up with that stuff better. I have resigned myself to know that I will no longer be able to do my own taxes after this year!!
Thanks for the post!
Great info about the tax stuff. I mean I am broke as it is with just finishing up with my adoption and it is good to know money is coming my way (well deductions are coming my way)
Thanks for the info.
By the way- aren't you supposed to be sending that application out pretty soon! We are getting a little anxious to see you make that leap!!!! If I remember correctly you have a week until you send it (aug 1). Can't wait until your post says that it is sent
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