What is the timeline for the adoption tax credit?
The adoption tax credit timeline typically follows the tax year in which the adoption is finalized. You can claim the credit on your tax return for that year.
Are there any specific deadlines I should be aware of?
Yes, you need to file your tax return by April 15 of the following year to claim the credit for the previous tax year.
What documents do I need to provide?
You'll need to provide documentation of the adoption, such as the final adoption decree and any related expenses.
Is the credit refundable?
No, the adoption tax credit is non-refundable, meaning it can reduce your tax liability to zero, but you won't receive a refund for any excess.
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