Adopting in 2007? Your Tax Credit Just Got Increased! WOOHOO!!
Good news for those who are adopting or finalizing an adoption in 2007:
The Federal Adoption Tax Credit limit is being increased to $11,390 for a child with special needs and the maximum credit allowed for other types of adoptions has also been raised to $11,390.
You can exclude this tax credit from your gross income for qualifed adoption expenses paid or incurred by your employer under a qualified adoption assistance program in connection with your adoption of an eligible child. The credit begins to phase out if you have modified adjusted gross income of $170,820 or more and is completely phased out if you have modified adjusted gross income of $210,820 or more.
HaHa, I don't think we need to worry about the "phase out" part ;)
1 comment:
We can completely agree with you about the 'phase out' part of the adoption credit!
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