Adoption Tax Credit for 2020

by Mark Demaray on November 12, 2019

The IRS has now published the Adoption Tax Credit figures and adjustments for 2020.  The new maximum dollar amount allowed for the tax credit tax in 2020 is $14,300 per child (it was $14,080 in 2019).  The Adoption Tax Credit begins to phase out for those families whose modified adjusted gross income exceeds $214,520, and phases out completely for families with modified adjusted gross income of $254,520 or more (so no tax credit benefit is allowed for families with a modified adjusted gross income above $254,520 for 2020). Again, as with prior years, the adoption of a “special needs” child qualifies for the full Adoption Tax Credit amount for each child even where no costs or expenses were paid.   This tax credit is most commonly taken in the year an adoption is finalized. Check with your accountant or call our office for more details regarding the specific application of this adoption tax benefit in your situation.

{ Comments on this entry are closed }

Adoption Tax Credit for 2019

by Mark Demaray on December 19, 2018

The IRS recently published the Adoption Tax Credit numbers for 2019.  The new maximum dollar amount allowed for the tax credit tax in 2019 is $14,080 per child (it was $13,840 in 2018).  The Adoption Tax Credit begins to phase out for those families whose modified adjusted gross income for the applicable tax year exceeds $211,160 and is completely phased out for families with modified adjusted gross income of $251,160 or more. No tax credit benefit is allowed for families with a modified adjusted gross income level above $251,160 for 2019. The adoption of a “special needs” child qualifies for the full Adoption Tax Credit amount for each child without having to show the payment of any costs or expenses.  This tax credit is most often allowed in the year the adoption is finalized. Check with your accountant or call our office for more details regarding the specific application of this tax benefit in your case.

{ Comments on this entry are closed }

New Surrogacy Law in Washington State

March 8, 2018

On March 6th, 2018, Washington State ‘s Governor signed into law Senate Bill 6037, a version of the 2017 Uniform Parentage Act. This new Parentage Act was agreed upon and approved by the Uniform Law Commission in July of 2017 and Washington is the first state to enact it.  This new law addresses issues related […]

Read the full article →

IRS">Adoption Tax Credit for 2015 Published by IRS

November 20, 2014

The IRS has just published the Adoption Tax Credit numbers for 2015.  The new maximum dollar amount allowed for tax year 2015 is $13,400 per child (up slightly from $13,190 in 2014).  The adoption tax credit phase out begins out for those families with modified adjusted gross incomes in excess of $201,010 and is phased out entirely for those with modified adjusted gross income that exceed […]

Read the full article →

National Adoption Month — 2014

November 14, 2014

November is designated as National Adoption month each year by the President and I think it’s worthwhile each year to read the official proclamation which is copied below.  Each year there are many thousands of children who through no fault of their own, find themselves in the state foster care system.  These children are in need of warm, loving homes, families, friends […]

Read the full article →

New Federal Law — Accuracy for Adoptees Act

January 29, 2014

The United States Congress passed and the President has signed into law S.1614, commonly called the Accuracy for Adoptees Act.  This new federal law greatly helps children who were adopted from foreign countries and given inaccurate birth dates and ages.  This has been a common problem where children were abandoned at orphanages or came into […]

Read the full article →

Adoption Tax Credit for 2014

November 8, 2013

The official Adoption Tax Credit numbers for 2014 have been issued by the IRS.  The maximum dollar amount allowed for tax year 2014 is set at $13,190 per child (up from  $12,970 in 2013).  The adoption tax credit begins to phase out for those families with  modified adjusted gross incomes for the applicable tax year is in excess […]

Read the full article →

Update on Baby Veronica Case

August 7, 2013

The US Supreme Court’s decision in this case came out in late June and the Court reversed the ruling of the South Carolina State Supreme Court determining that the stricter standards for terminating the parental rights of an unwed father in the planned voluntary adoption of an “Indian child” do not apply where the father […]

Read the full article →

US Supreme Court Case — Indian Child Welfare Act">US Supreme Court Case — Indian Child Welfare Act

April 19, 2013

As many of you may have seen in the national news this past week, the United States Supreme Court heard oral arguments in the case known as Adoptive Couple vs. Baby Girl  — commonly called the “Baby Veronica” case.   This very difficult case arose out of a situation where a birth mother living in Oklahoma […]

Read the full article →

IRS">Adoption Tax Credit Amounts for 2013 Set by the IRS

January 11, 2013

The IRS has just released the official numbers for the 2013 Adoption Tax Credit.  The maximum dollar amount allowed under the new law for tax year 2013 is now set at $12,970 per child (the maximum was $12,650 in 2012).  This adoption tax credit begins to phase out for those families whose modified adjusted gross income for […]

Read the full article →