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Do you know you could qualify for the adoption tax benefit for year 2014?

Posted by kftaxaccounting2014 on April 2, 2015 in Reducing Taxes | 2 comments

Did you adopt or tried to adopt in year 2014? If so, you may qualify for tax credits. Depending on how you funded the adoption process, either through your employer or other sources, some of your income can be excluded from tax. Here are list of facts you need to know about the adoption tax benefits.

 Credit or exclusion: The credit is non-refundable which means it could reduce your tax to zero. However, if the credit is more than your tax, you will not be getting any additional amount as refund. If your employer paid for the adoption through a written, qualified adoption assistance program, you may qualify to exclude that amount from your tax.

You should also know that the maximum adoption tax credit and exclusion for the year 2014 is $13,190 per child. Furthermore, you can carry any unused credit forward if your credit is more than your tax. This means any unused credits in 2014 can be used to reduce your tax for year 2015 and up to 5 years, or until your credit is completely used up, whichever comes first.

Any child under 18 years of age is classified eligible and also any person(s) physically or mentally unable to care for him/herself falls under the eligibility category. Also, all reasonable and necessary expenses incurred during the adoption process may be claimed as qualified expenses, this includes adoption fees, court fees, and attorney fees. Travel cost to the adoption location is also covered. Whether the adoption is domestic or foreign, most times you can claim the credit but there is a timing rule that must be followed which determines which expense to include.

Even if you did not make any qualifying expense you may be able to take tax credit on eligible US adopted child as long as the adoption is final and the child falls under the special needs category. You may be able to claim both the tax credit and exclusion but this is dependent on the cost of adoption, however, these two cannot be claimed on the same expenses. In addition, your income may determine your limitation, in the sense that it could reduce or eliminate how much you can claim.


If this is too cumbersome that you do not even know how or where to start from, talk to us today and we will help you get the right claim for your adopted child or children.





Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

2 Responses to Do you know you could qualify for the adoption tax benefit for year 2014?

  1. Often its a pain in the ass to read what blog owners wrote yet this site is actually incredible and I truly treasure your piece of work, Excellent post.

    • kftaxaccounting2014 says:

      Thank you for reading and liking our blog, We hope you continue to read and recommend our page to friends!

      For KF Tax& Accounting P.C. Team

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