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$54,000 tax refund??

http://money.cnn.com/2011/04/01/pf/taxes/adoption_tax_refund/index.htm

 

????  how do you feel about this?

 
adopteeme

Asked by adopteeme at 7:29 AM on Apr. 8, 2011 in Adoption

Level 16 (3,092 Credits)
This question is closed.
Answers (25)
  • I don't know one adoptive parent or PAP that goes into an adoption with the intent of adopting for a tax credit. If they do, they should not be adopting at all.
    mcginnisc

    Answer by mcginnisc at 8:31 AM on Apr. 8, 2011

  • there is a monetary incentive to having bio kids if you fall into a certain income category, so adopted or not that makes no difference. our tax refund was 10,000$ this year, my husband was working in the blue collar category and barely bringing home $2000/month, we have 3 kids. we were able to use the refund to pay off some loans and get our finances straight. the rest went toward savings for them. i had no idea of the child tax credit when i started having babies. its likely the Ward family didn't know about it either, nor went and adopted 5 kids so they could get a huge tax refund.
    tnm786

    Answer by tnm786 at 7:46 AM on Apr. 8, 2011

  • In this case I think it's great, This couple has adopted special needs AA kids out of foster care. That's not a small thing. If the kids hear about it I don't think it will make them feel like their parents only adopted them for the money, because they obviously didn't.

    When I hear of DIA adoption credit, I feel sick to my stomach.
    onethentwins

    Answer by onethentwins at 1:55 PM on Apr. 8, 2011

  • I dont have a problem with it. It looks like they had tax credits from the previous year and because of the recent law change those credits are being paid to them instead of being carried over. Most of their tax refund is from the adoption credit.
    gemgem

    Answer by gemgem at 7:53 AM on Apr. 8, 2011

  • I wouldn't call 54K and "incentive" for adopting children. They aren't being PAID to adopt the kids, they got a tax credit refund. They probably didn't even know about it. And if you anything about raising 5+ children 54K doesn't go very far. It is sad that you are trying to suggest that these people needed to be paid to adopt the kids.
    matthewscandi

    Answer by matthewscandi at 8:08 AM on Apr. 8, 2011

  • Adopteeme- I know as an adoptee that has to rub you the wrong way, BUT keep in mind that those children are SN and the tax credit was originally intended to aide a family that had adopted a SN child. The law changed this year to make it fully refundable whereas in previous years it would roll over if you didn't pay enough taxes.
    Now, I don't particularly agree with using this credit for domestic infant adoptions as many of those women could parent their child and well, DIA is not a necessity in *my* mind as much as foster care or International. However, with FC, the children usually have a medical subsidy attached to their file until they are 18, and there are few if any costs involved.. It is very helpful to IA parents like myself. When we filed our taxes for 2007 ( when we brought our dd home from China), we received the entire credit of $10,360 at the time.It enabled us to rebuild our savings acct after depleting it.
    mcginnisc

    Answer by mcginnisc at 8:28 AM on Apr. 8, 2011

  • People dont have bio kids for a tax credit either you know.
    Anonymous

    Answer by Anonymous at 3:42 PM on Apr. 8, 2011

  • good for them! the amount was accumulated over the years so that's why the refund is so high. they obviously have big hearts and what a blessing for them to receive such a big sum of money so they can buy those kids something nice.
    tnm786

    Answer by tnm786 at 7:37 AM on Apr. 8, 2011

  • if they can affort to adopt so many children then they not poor or just getting by. And 5 adoptet children are gonna coest you more that $54,000 untill they out of the house and on their own.
    LittleBirdFly

    Answer by LittleBirdFly at 7:35 AM on Apr. 8, 2011

  • do you think those 5 kids should ever know there was a monetary incentive to be included in a forever family?

    adopteeme

    Comment by adopteeme (original poster) at 7:41 AM on Apr. 8, 2011