A while ago we blogged about the changes that the IRS made to the Adoption Tax Credit for 2011 and we wanted to remind you once again.
The credit was increased from $12,150 to $13,170.
The changes also now make the credit refundable.
You must fill out Form 8839, “Qualified Adoption Expenses”, and include one or more adoption related documents. Because of the documentation that is required you cannot submit your taxes by E-File.
For further information please ask a tax advisor. You can also get further information by going here.
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For those that have completed adoptions in previous years (2005 or later) and have “unused” credit that they’ve been rolling over, you will get the remainder of your credit as a refund (i.e. a check) this year.
Super excited about that as there was no way we were going to get all of that $22,000 (2 kids) back otherwise!
Sorry, I’m still not understanding. Are you talking about 2010 or 2011? I read both years in your post. I have heard this is true of 2010, but was told that in 2011 it is no longer refundable??
so now, regardless, of what you paid in taxes, you will get the full credit back the year you file – no ore carry over?
Is it still also to be filed the year of or after finalization, not the year spent?
Thank you for your blog post regard the adoption tax credit. We have compiled detailed information on the topic as well as posted a video that is terrific and clearly explains the tax credit for 2010 and 2011 and the changes. http://adoptionstar.com/tag/adoption-tax-credit/