SEARCH


PK Tax Services, L.L.C.
PK Tax Services, L.L.C.
  • Home
  • Services
    • 2022 Tax Season Documents for 2021
    • Year-End Tax Planning
    • FAQs on Mixed Marriages
  • Resources
  • Meet the Company
    • Videos
  • Blog
  • Contact
  • Client Portal Instructions

BLOG

You may be eligible for tax credits for adopting

8/18/2015

0 Comments

 
If you already adopted a child or have simply started the adoption process, you may be eligible for a credit on your 2015 tax return.The credit is limited to the qualified adoption expenses you paid, up to $13,400. In addition, the credit is reduced when your modified adjusted gross income is between $201,010 and $241,010.

The adoption credit is not always claimed in the same year the ex­penses were paid. It all depends on whether the child is a U.S. citizen or resident when the expense is paid, and when the adoption becomes final.
If the child is a U.S. citizen or resident and the adoption expenses (including those incurred in an unsuccessful effort to adopt an eligible child) are paid during a tax year prior to the tax year in which the adoption is finalized, the credit is allowed in the tax year following the year the expenses were paid. If the child is neither a U.S. citizen nor resident, the credit is allowed only in the year the adoption becomes final.
If an expense is paid for a child (regardless of citizenship status) during or after the year the adoption becomes final, the credit is allow­ed in the tax year paid or incurred.
If the adoption credit for the year exceeds the income tax for that year, the excess credit is carried forward to the next tax year. No adoption credit can be carried forward to any tax year following the fifth tax year after the year in which the credit is derived.
The adoption credit is not a refundable credit for any adoption that occurred after 2011.
If you adopt twins or triplets, you are eligible to claim the tax credit for each child.

0 Comments



Leave a Reply.

    Picture
    Pat Kolodziej
    ​C.P.A., M.S.T.


    Categories

    All
    IRS Tax News
    Just For Fun
    Tax Tips For Businesses
    Tax Tips For Individuals


    Archives

    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015

Pat Kolodziej, CPA, MST
Managing Member
PK Tax Services, L.L.C.

87 South McLean Boulevard, Suite A
South Elgin, IL 60177


Phone: (224) 227-6061
Fax: (224) 227-6059
Contact Us
Client Login
Picture
Picture
Picture
Picture
Picture
BACK TO TOP

Proudly Serving: South Elgin Illinois, St. Charles Illinois, Elgin Illinois, Geneva Illinois, Batavia Illinois, Bartlett Illinois, West Chicago Illinois, Algonquin Illinois, Crystal Lake Illinois, Aurora Illinois, etc.

© 2017-2022 PK Tax Services, LLC  |  All Rights Reserved  |  Website Created by LislDesign.com

PK Tax Services, L.L.C.