Good News for Thanksgiving--2017 Tax Credit
As the Holidays are fast approaching, we have some great news to share with you. The IRS just released the 2017 Adoption Tax Credit amount and it's up from last year. Creating a Family has a good overview: Straight from the Creating A Family Website: "2017 Adoption Tax Credit-Non Special Needs Adoptions The amount allowed in 2017 for the Adoption Tax Credit for non special-needs adoptions, both domestic and international, is $13,570 for “qualified adoption expenses”. The definition of what IRS considers a qualified adoption expense has not changed, and families must be able to document these expenses, if requested by the IRS. This amount is up slightly from 2016 ($13,460). The 2017 Adoption Tax Credit begins to phase out for taxpayers with modified adjusted gross income (MAGI) more than $203,540 and completely phased out for taxpayers with MAGI of $243,540 or more. 2017 Adoption Tax Credit-Special Needs Adoptions Families who adopt a child with special needs f...