{"id":490,"date":"2011-07-28T13:04:45","date_gmt":"2011-07-28T18:04:45","guid":{"rendered":"http:\/\/hoorfarlaw.com\/blog\/?p=490"},"modified":"2011-07-28T13:04:45","modified_gmt":"2011-07-28T18:04:45","slug":"six-things-to-know-about-the-expanded-adoption-tax-credit","status":"publish","type":"post","link":"https:\/\/hoorfarlaw.com\/blog\/?p=490","title":{"rendered":"Six Things to Know About the Expanded Adoption Tax Credit"},"content":{"rendered":"<p>If you are adopting a child in 2011, the Internal Revenue Service encourages<br \/>\nyou to familiarize yourself with the adoption tax credit. The Affordable Care<br \/>\nAct increased the amount of the credit and made it refundable, which means it<br \/>\ncan increase the amount of your refund.<\/p>\n<p>Here are six things to know about this valuable tax credit:<\/p>\n<ol start=\"1\">\n<li>The adoption tax credit, which is as much as $13,170,<br \/>\noffsets qualified adoption expenses making adoption possible for some<br \/>\nfamilies who could not otherwise afford it. Taxpayers who adopt a child in<br \/>\n2010 or 2011 may qualify if you adopted or attempted to adopt a child and paid<br \/>\nqualified expenses relating to the adoption.<\/li>\n<li>Taxpayers with modified adjusted gross income of more<br \/>\nthan $182,520 in 2010 may not qualify for the full amount and it phases<br \/>\nout completely at $222,520. The IRS may make inflation adjustments for<br \/>\n2011 to this phase-out amount as well as to the maximum credit amount.<\/li>\n<li>You may be able to claim the credit even if the<br \/>\nadoption does not become final. If you adopt a special needs child, you<br \/>\nmay qualify for the full amount of the adoption credit even if you paid<br \/>\nfew or no adoption-related expenses.<\/li>\n<li>Qualified adoption expenses are reasonable and<br \/>\nnecessary expenses directly related to the legal adoption of the child who<br \/>\nis under 18 years old, or physically or mentally incapable of caring for<br \/>\nhimself or herself. These expenses may include adoption fees, court costs,<br \/>\nattorney fees and travel expenses.<\/li>\n<li>To claim the credit, you must file a paper tax return<br \/>\nand Form 8839, Qualified Adoption Expenses, and you must attach documents<br \/>\nsupporting the adoption. Documents may include a final adoption decree,<br \/>\nplacement agreement from an authorized agency, court documents and the<br \/>\nstate&#8217;s determination for special needs children. You can still use IRS<br \/>\nFree File to prepare your return, but it must be printed and mailed to the<br \/>\nIRS, along with all required documentation. Failure to include required<br \/>\ndocuments will delay your refund.<\/li>\n<li>The IRS is committed to processing adoption credit<br \/>\nclaims quickly, but it also must safeguard against improper claims by<br \/>\nensuring the standards for this important credit are met. If your return<br \/>\nis selected for review, please keep in mind that it is necessary for the<br \/>\nIRS to ensure the legal criteria are met before the credit can be paid. If<br \/>\nyou are owed a refund beyond the adoption credit, you will still receive<br \/>\nthat part of your refund while the review is being conducted.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>If you are adopting a child in 2011, the Internal Revenue Service encourages you to familiarize yourself with the adoption tax credit. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can &hellip; <a href=\"https:\/\/hoorfarlaw.com\/blog\/?p=490\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3],"tags":[],"class_list":["post-490","post","type-post","status-publish","format-standard","hentry","category-individual","category-taxation"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=490"}],"version-history":[{"count":1,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/490\/revisions"}],"predecessor-version":[{"id":491,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/490\/revisions\/491"}],"wp:attachment":[{"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=490"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hoorfarlaw.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}