the-adoption-tax-credit-for-2011-and-2012

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The Adoption Tax Credit has caused a great deal of confusion this year. We have a terrific panel of experts to answer your questions about this refundable tax credit and to talk about what the future holds. Mark McDermott Washington, D.C adoption attorney and past president of the American Academy of Adoption Attorneys; Jackie Perlman, principal tax research analyst with The Tax Institute at H&R Block; and Josh Kroll, adoption tax credit specialist with the North American Council on Adoptable Children.

Highlights of the show (click to expand)
  • How does the adoption tax credit for 2011 differ from the adoption tax credit that was available for 2010 and 2009 and 2008?
  • What is the adoption tax credit for 2011?
  • What are the income limits for this year’s adoption tax credit?
  • How does the tax credit work in relation to a regular refund for taxes?
  • What is important to know about a refundable tax credit, such as adoption tax credit?
  • What should you do if your adoption will not be finalized in 2011? Can you still claim the adoption tax credit for the expenses you have paid in 2011?
  • What should people do who are in the middle of an adoption in 2011 do to maximize their tax benefits this year, if their adoption will not be finalized.
  • What is different about the adoption tax credit for international adoptions?
  • What does the IRS accept as a qualified adoption expense?
  • Are birth parent or birthmother expenses included in qualified expenses for the adoption tax credit?
  • Are travel costs for the birthparents included in qualified expenses for the adoption tax credit?
  • If someone gives you a gift of money to help you with your adoption costs, can you still get the adoption tax credit for that money?
  • If someone lends you money to help you with your adoption costs, can you still get the adoption tax credit for that money?
  • How does the adoption tax credit work for a failed adoption?
  • What expenses are you allowed to claim on your taxes for a failed domestic adoption?
  • What expenses are you allowed to claim on your taxes for a failed international adoption?
  • What happens if you successfully adopt after your first match fell through? Can you claim both sets of expenses as part of your adoption tax credit?
  • Are there any other tax deductions that are available for expenses involved in a failed adoption?
  • How does the adoption tax credit apply to adoptions from foster care?
  • Do you have to document your adoption expenses to get the adoption tax credit?
  • How do you document your expenses for the adoption tax credit?
  • What should you do if you are denied the adoption tax credit and you think the IRS is wrong? What are your options?
  • What will the adoption tax credit be in 2012?
  • How will the 2012 tax credit differ from the 2011 tax credit?

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