In today’s blog post, we look at the benefit of checking your old tax returns to see if you qualify for the Adoption Tax Credit
Did you know that you can look back and review your old tax returns? You may want to do that if you finalized your adoption between 2005 and 2009 to be sure you took appropriate advantage of the federal adoption tax credit. For 2010 and 2011 the credit was a refundable tax credit. That means the credit is one you get back no matter what you owe or paid in taxes for the year.
It was recently identified that between the years of 2005 and 2009, many adoptive parents did not claim what was due to them within the adoption tax credit guidelines.
If the amount of the credit you were to receive exceeded your tax liability, you can carry over the remainder to the next tax year.
The adoptions tax credit is an incentive to encourage people to adopt!
Read More about Adoption Tax Credits:
- Tax Season is Upon Us
- Continued Support for the Adoption Tax Credit
- The Adoption Credit Podcast and Infograph
- Marriage Equality is Finally Here
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