Helping Adoptive Families During Tax Season

Here is an example of one more way our community works to put families first:  Thanks to partnerships with accountants, tax preparers and organizations like Adoptfund, Our Kids staff, our case management agencies and our local foster/adoptive parent associations have helped raise awareness about tax benefits for our adoptive families.  These efforts and the tax benefits achieved allowed our families to claim more than $1 million in tax credits this past tax season.
· Since 2003, families who adopted a child with special needs from foster care could claim a federal adoption tax credit even if they had no adoption expenses. Children who receive adoption assistance/subsidy benefits are considered children with special needs. Other adoptive families are also eligible for the credit, but must have (and be able to document, if
requested by the IRS) qualified adoption expenses.
· The tax credit was refundable for 2010 and 2011, but is not for 2012 or 2013 or beyond (a refundable tax credit is one you get back regardless of what you owe or paid in taxes for the year).  Families who adopted from 2005 to 2009 may be able to benefit from the refundable
credit because credits from those years can be carried forward until 2010.

We are grateful to all those who support our efforts to assist foster and adoptive families in Miami Dade and Monroe counties.


Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s