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2010 Tax Credit?

I am a foster mom of two great girls whom we are adopting Dec 2010. They are 14 and 7 sisters. I have doing some investigating and found out from our caseworker that we are getting an adoption subsidy and keeping medicaid. They are both healthy girls that come from bad circumstances they have been in the system for 2 years and have had one failed adoption through family members. So my question is will I qualify for the adoption tax credit for this year. They are both US citizens and it will be finalized before 2011. I think according to standards they are considered special needs because of ages and tpr occured 1 year ago. Any help would be great. Thanks Ladies.

Answer Question
 
tkparsons2007

Asked by tkparsons2007 at 11:49 PM on Oct. 3, 2010 in Adoption

Level 1 (2 Credits)
Answers (3)
  • I think you claim the credit in the year that you finalize, but you should call the IRS to be sure (unless you are using an accountant). I usually talk to the IRS at least once while I'm preparing taxes. The rules change from year to year, so it may not help for me to tell you what we did several years ago.
    Iamgr8teful

    Answer by Iamgr8teful at 11:57 PM on Oct. 3, 2010

  • http://www.irs.gov/publications/p17/ch37.html#en_US_publink1000174906 This link is directly to the IRS. The credit and amounts and way you can claim are changing annually. The latest claims you can get back everything in 1 year even if you don't owe enough taxes! If the child qualifies for IV-E or a subsidy, you can take the entire credit. We are adopting a minority sibling group which deems them special needs. If you want info or have specific questions feel free to PM me! :) Best wishes and congrats!! :)
    love2snorkel70

    Answer by love2snorkel70 at 4:09 AM on Oct. 4, 2010

  • you should
    mekarevell

    Answer by mekarevell at 4:49 PM on Oct. 7, 2010

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