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| *Loan,banking and credit>>>child tax |
Do parents of adopted children recieve special government benefits/tax breaks? |
just curious. if someone adopts a child, do they recieve more government help than the usual tax deductions for dependants? There is an adoption credit, that can be used to reduce a persons tax liability You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child (including a child with special needs). The adoption credit is an amount subtracted from your tax liability. Although the credit generally is allowed for the year following the year in which the expenses are paid, a taxpayer who paid qualifying expenses in the current year for an adoption which became final in the current year, may be eligible to claim the credit on the current year return. The adoption credit is not available for any reimbursed expense. In addition to the credit, certain amounts reimbursed by your employer for qualifying adoption expenses may be excludable from your gross income. http://www.irs.gov/taxtopics/tc607.html... Source(s): Internal Revenue Service 1-800-829-1040 Certain adoption expenses may be deductible but after that there is no special tax treatment. I understand you to say, are there ongoing i.e. year after year tax breaks aside from the standard children's deduction. I am not aware of any such program. Depending on where you are and what your status is there are State level payments to some foster parents. In fact it may be available to all foster parents. Sorry, I can't be definitive, but I am not knowledgeable about all jurisdictions. |
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