Source: adoptioncouncil.org
While Americans have a very positive view of adoption, a majority describe private adoptions as either expensive or very expensive. The Adoption Tax Credit (ATC) can help offset the cost and fees of an adoption process. But it is essential that prospective adoptive parents understand the basics of the credit before they can determine how much it can help them.
In this updated guide to understanding the adoption tax credit, we explain what the ATC is, how it is different from a tax deduction, how it works, and what the eligibility and qualifying expenses are. We also discuss proposed legislation to improve the ATC’s ability to help more families and strengthen opportunities for more children to thrive in permanent, loving families.
Note: This information is provided for general educational purposes and is not meant as tax advice. This is a general summary and does not cover each family’s unique situation. Consult a competent tax adviser for individual advice regarding your own situation.
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