Tax benefits for adoption expenses
$225.00
Description
Abstract: Taxpayers with certain eligible adoption expenses can benefit at tax time by claiming either a tax credit or, if their adoption expenses are reimbursed by their employer, an income exclusion for the reimbursement. The income exclusion is only available if their employer maintains an adoption assistance program. The credit and exclusion are subject to a dollar limitation and phaseout for taxpayers whose income exceeds certain thresholds. This article discusses the credit in regard to qualifying adoption-related expenses, including as they pertain to special-needs children.
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