Source: Flickr user 401(K) 2012
As January of 2017 kicks off and we all get back into our regular school and work routines, we are reminded that tax day isn’t too far away. As the W2s start to come in, it’s time to turn our attention to the complex tax law and adoption. Not a terribly exciting topic, but one that is important for adoptive parents (current and future) to know. Thankfully there is a wealth of knowledge already out there, but we have compiled some of the best information sources for you. If you still have questions or concerns, you should reach out to the agency and a tax specialist. Don’t let questions go unanswered and don’t be afraid to ask!
Adoption Credit Information
As with any tax question, you can always turn to the source – the IRS. The link provided gives all of the major details, as well as links to relevant forms and instructions. If this page looks overwhelming, or if you’re new to learning about this topic, then check out the frequently asked questions page at the North American Council on Adoptable Children. This will pose many of your major questions and provide some quick answers.
Another site for information about the permanence of the tax credit can be found here, where they update regularly regarding any new legislation that takes place. For a more engaging approach that weaves in useful information, check out the Dave Thomas Foundation for Adoption.
Once you are all caught up on learning about the credit, consider reading this Adopt Help site that is already updating and providing information for the 2017 tax returns. This is a great spot to bookmark!
The adoption community builds success in sharing information and offering support. Hopefully, these pages will answer questions, but if any remain is sure to contact us or your adoption agency to make sure you and your family are secure when it comes time to submit those tax returns.