Is there truly such a thing as an Adoption Tax Credit?

Question

What the *bleep*? I've been declared dead, and I still have to pay taxes! I have never gotten a tax credit for my adoption!

Answer 1

You can take a tax credit when YOU adopt a child. You can claim the expenses of the adoption up to a certain predetermined amount.

EDIT: Just to make it clear AGAIN. The adoption tax credit is for ADULTS who adopt a CHILD within the tax year. It is NOT for adults or children who have been adopted  by someone else. It gives a credit to taxpayers who have spent money to adopt a child within the tax year!  http://www.irs.gov/taxtopics/tc607.html

Answer 2

What the *bleep* exactly!  such a shame it is being so misused - the original purpose of it seems almost benevolent but now, well, it just lines the pockets of the profiting agencies

Ah, the joys of free-enterprise in the USofA

Answer 3

There are no adoptee benefits, silly Torrejon! ;-)

Answer 4

I didn't either.  Wish I could.  I could really use the tax break.  Since the states don't consider me an adult worthy of access to my records, I don't think I should have to pay taxes.  Just my thoughts.  Too bad searching for one's natural family isn't a tax write off.

Answer 5

lol.... thanks I needed that.

Answer 6

Yeah you know because adoption is such a needed service to us poor, otherwise unwanted, would have been aborted, needy blank slates.

all joking aside,

the bill was written appearing to be an attempt to inspire people to adopt from the foster care system, but loop holes that need to be reformed have allowed the industry to take advantage of it and create... a fortune.

Wheres my $10,000 for all the therapy i need being the aftermath of it all and everything... ?

Answer 7

Yep, up to $10K or so, it is a credit toward qualifying adoption  expenses. Adoption agencies are WELL aware of this credit and have adjusted their charges up accordingly.

So if you pay $6,000 then you get $6,000 in future tax credits. IF you pay $50,000 you get $10,000 in future tax credits.

From what my tax guy says, medical expenses are not considered an adoption expense and not part of the credit, not sure if that is right.