Adoption Tax Credit
Taxpayers who have adopted or tried to adopt a child may qualify for a tax credit. Here are nine important things about the adoption credit: The Credit. The credit is non refundable, which may reduce taxes owed to zero. If the credit exceeds the tax owed, there is no refund of the additional amount. In addition, if an employer helped pay for the adoption through a written qualified adoption assistance program, that amount may reduce any taxes owed. Maximum Benefit. The adoption tax credit for 2018 has been increased to $13,840.1 Credit Carryover. If the credit exceeds the tax owed, [...]