We hope your family is enjoying the holiday season. It is amazing for us to look back at what God did in 2014 and we look forward with delight to what this next year will hold. We don't have many of our adoptive families email addresses, unfortunately (email firstname.lastname@example.org if that is you). Here is the information emailed today regarding this year's tax credit:
Happy New Year!
Since 2015 is only days away, we wanted to make sure you had the information you need for the adoption tax credit.
Many of you are probably already aware of the credit allowed, but the information below can be used as you work on this year’s taxes. The adoption credit of a maximum of $13,190 was made “permanent” with the “ACA Tax acct.”
Here are the guidelines for 2014 and future:
.03 Adoption Credit. For taxable years beginning in 2014, under § 23(a)(3) the credit allowed for an adoption of a child with special needs is $13,190. For taxable years beginning in 2014, under § 23(b)(1) the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $13,190. The available adoption credit begins to phase out under § 23(b)(2)(A) for taxpayers with modified adjusted gross income in excess of $197,880 and is completely phased out for taxpayers with modified adjusted gross income of $237,880 or more. (See section 3.18 of this revenue procedure for the adjusted items relating to adoption assistance programs.)
You may have already visited this site in your research, but it could be helpful to see what the law has been and how it might continue:
Additional information: http://www.nacac.org/taxcredit/taxcredit2014.html
Remember, with our 30th Anniversary in 2015, we’d love to hear your adoption stories from you or your child’s perspective! We love receiving your Christmas cards and getting your updates
God bless you and your family
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