What is the adoption tax credit for foster care?

What is the adoption tax credit for foster care?

The adoption tax credit helps families offset the costs of adopting a child from foster care. It can cover expenses like legal fees and travel.

How much is the tax credit worth?

For 2023, the maximum adoption tax credit is $15,950 per child. This amount may vary based on your income and the specific expenses incurred.

Are there any eligibility requirements?

Yes, to qualify, you must adopt a child who is under 18 and meet certain income limits. It's best to consult a tax professional for specifics.

Can I claim the credit if I adopted internationally?

The adoption tax credit primarily applies to domestic adoptions, but some international adoption expenses may qualify. Check IRS guidelines for details.

How do I apply for the tax credit?

You can apply for the adoption tax credit by filing IRS Form 8839 with your tax return. Make sure to keep all relevant documentation.