Comments on: Adoption Tax Credit to Expire at the End of 2010 http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html FiGuide's free daily tips provides short, actionable strategies to help you achieve a successful, worry-free retirement. Fri, 10 Feb 2012 22:08:11 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Jim Blankenship, CFP®, EA http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-4530 Jim Blankenship, CFP®, EA Fri, 04 Nov 2011 13:09:26 +0000 http://financialducksinarow.com/?p=1833#comment-4530 Hi, Jen - I agree, it doesn't seem like a good rule, as it is a disincentive for folks with some additional resources (notice how I didn't say "filthy rich"?) to get involved. The only remedy I can offer is for you to write your Congress representatives. jb Hi, Jen -

I agree, it doesn’t seem like a good rule, as it is a disincentive for folks with some additional resources (notice how I didn’t say “filthy rich”?) to get involved.

The only remedy I can offer is for you to write your Congress representatives.

jb

]]> By: JEN http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-4524 JEN Wed, 02 Nov 2011 16:12:02 +0000 http://financialducksinarow.com/?p=1833#comment-4524 I guess I am a fithy rich person because in 2007 I made $216k and the limit then was $210K. Because I made $6k too much I didn't qualify for the $11k tax credit. I have adopted four special needs kids and that $11k would have been nice. Why is there a maximum income cap? Who made up this rule? Who can I contact to see if this cap can be removed? It's frustrating because I pay a ton of taxes for others to benefit from programs like this and yet I am penalized because I make too much. There should be no cap on a progrm like this. Any help would be greatly appreciated. I guess I am a fithy rich person because in 2007 I made $216k and the limit then was $210K. Because I made $6k too much I didn’t qualify for the $11k tax credit. I have adopted four special needs kids and that $11k would have been nice. Why is there a maximum income cap? Who made up this rule? Who can I contact to see if this cap can be removed? It’s frustrating because I pay a ton of taxes for others to benefit from programs like this and yet I am penalized because I make too much. There should be no cap on a progrm like this. Any help would be greatly appreciated.

]]> By: Jim Blankenship, CFP®, EA http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-3585 Jim Blankenship, CFP®, EA Sat, 12 Mar 2011 17:02:39 +0000 http://financialducksinarow.com/?p=1833#comment-3585 Hi, Debbie - I'm afraid it's too late to claim the expense now. You may have been able to amend your prior years returns up to 3 years after the filing date, but that would have been April 15, 2008 for your 2004 tax return. jb Hi, Debbie -

I’m afraid it’s too late to claim the expense now. You may have been able to amend your prior years returns up to 3 years after the filing date, but that would have been April 15, 2008 for your 2004 tax return.

jb

]]> By: Debbie http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-3550 Debbie Wed, 09 Mar 2011 00:07:27 +0000 http://financialducksinarow.com/?p=1833#comment-3550 I adopted a special needs child in 2004 and I was unaware of the credit. Is it too late to claim it now. I adopted a special needs child in 2004 and I was unaware of the credit. Is it too late to claim it now.

]]> By: Jim Blankenship, CFP®, EA http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-3453 Jim Blankenship, CFP®, EA Fri, 18 Feb 2011 13:59:26 +0000 http://financialducksinarow.com/?p=1833#comment-3453 Edward - Yes, in general you can be allowed to carry over credit from previous years that was disallowed due to limits. jb Edward -

Yes, in general you can be allowed to carry over credit from previous years that was disallowed due to limits.

jb

]]> By: Edward http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-3395 Edward Sun, 13 Feb 2011 09:28:12 +0000 http://financialducksinarow.com/?p=1833#comment-3395 We had adopted 3 special needs kids in 2004. I was courious with this new tax credit if all the unused credit, still goes to waste or if now we get to finish claiming it? I appreciate the information. I was using turbo tax and it was letting me do it, but I was worried that it might be wrong. We had adopted 3 special needs kids in 2004. I was courious with this new tax credit if all the unused credit, still goes to waste or if now we get to finish claiming it? I appreciate the information. I was using turbo tax and it was letting me do it, but I was worried that it might be wrong.

]]> By: Jim Blankenship, CFP®, EA http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-1902 Jim Blankenship, CFP®, EA Wed, 08 Sep 2010 12:47:49 +0000 http://financialducksinarow.com/?p=1833#comment-1902 Hello, Peter - I have not seen anything on an extension of the adoption tax credit within the proposed "extenders" bills, although it might be buried in the bill somewhere. But nothing has been passed (as far as any extenders) as of yet, and I'm not holding my breath. jb Hello, Peter – I have not seen anything on an extension of the adoption tax credit within the proposed “extenders” bills, although it might be buried in the bill somewhere. But nothing has been passed (as far as any extenders) as of yet, and I’m not holding my breath.

jb

]]> By: Peter http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-1888 Peter Tue, 07 Sep 2010 12:47:50 +0000 http://financialducksinarow.com/?p=1833#comment-1888 Any news on whether congress has acted to extend the adoption tax credit indefinitely? Any news on whether congress has acted to extend the adoption tax credit indefinitely?

]]> By: Jim Blankenship, CFP®, EA http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-1295 Jim Blankenship, CFP®, EA Fri, 04 Dec 2009 02:42:19 +0000 http://financialducksinarow.com/?p=1833#comment-1295 Hi, Michelle - The adoption tax credit is claimed on Form 8839, and it is based upon the actual qualified adoption expenses incurred, with limits. Your tax professional can help you decipher the specifics on the credit, and most adoption agencies should be able to help you understand what expenses are "qualified". If you have further questions, don't hesitate to contact me. jb Hi, Michelle -

The adoption tax credit is claimed on Form 8839, and it is based upon the actual qualified adoption expenses incurred, with limits. Your tax professional can help you decipher the specifics on the credit, and most adoption agencies should be able to help you understand what expenses are “qualified”.

If you have further questions, don’t hesitate to contact me.

jb

]]> By: Michelle http://www.figuide.com/adoption-tax-credit-to-expire-at-the-end-of-2010.html#comment-1293 Michelle Thu, 03 Dec 2009 20:48:26 +0000 http://financialducksinarow.com/?p=1833#comment-1293 Thnaks for the overview of adoption tax credit...can you explain to me...how and when exactly you get those credits? Does it spread out over many years? What do you mean by the exclusion exactly...is that basically an expense that you get to deduct? Thanks for your help, Michelle Thnaks for the overview of adoption tax credit…can you explain to me…how and when exactly you get those credits? Does it spread out over many years? What do you mean by the exclusion exactly…is that basically an expense that you get to deduct?

Thanks for your help,
Michelle

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