My husband and I are considering an international adoption. We normally overpay on our taxes and as a result get money back every year when we do our taxes. I am not sure how this works with the adoption tax credit. Will we get that much more money back? Just trying to figure out if we can financially afford it and this information would really help.
This past year I adopted a foster child. I have been going to school and living with my parents. My dad is claiming me as a dependent. Can he also qualify for the adoption tax credit because of our new son?
My adoption was final Dec 2007. I am a foster parent. since the child i adopted was in the foster care agency, can you still claim the credit? I had minimal expenses. What supporting documents do you need to submit ? If you e-file will you have to mail in or can you still do it all electronically? Thanks for all of your answers in advance.
I know that we would need to spend the 11,000 or so in adoption expenses in order to get that matched in credit, but how does the tax credit actually work? If we fill out our taxes and we are getting a refund of say $500, do we get the credit on top of that or do we have to owe money in order to receive any of the credit?