Yesterday KidsFirst participated in the Adoption Tax Credit Webinar that was put on by Becky Wilmoth - Adoption Tax Credit Specialist. Indiana's Adoption Tax Credit allows our families to offset their adoption expenses.
Here are a few key points that KidsFirst wants you to know!
- All adoptions qualify unless they are done by a step parent or relative
- Expenses may include: traveling costs, lawyer fees, dossier fees, portfolio books (anything REQUIRED by the adoption agency)
- Birth mother expenses do not qualify
- If you experienced a failed adoption, you can still report your expenses + the expenses of your successful adoption (domestic only)
- The adoption must be finalized to file whether it is International or Domestic. To file, the child must have been home for the last 6 months of the year to qualify. If the child has not been home this long, you will have to file the Adoption Tax Credit the following year.
- Grants are subtracted from expenses
If you have more questions about the Adoption Tax Credit, let us know! We are so grateful that our state cares about adoptions as much as we do. It can be an expensive journey, so we want to make sure you receive all the help you deserve!
If you want to view the 1 hour FREE webinar, you still have one week! You can access the webinar by following the link https://www.adoptivefamilies.com/join