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Adoption Tax Credit and Five-Year Carryforward
Description
Dr. Friday explains that the adoption tax credit remains available with inflation adjustments. She highlights that unused credit can carry forward for up to five years.
Transcript
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Adoption tax credit continues under the extended rules, with annual inflation adjustments increasing the maximum credit amount.
It’s a great thing. First, you’re adopting a child. That’s a wonderful thing. You’re helping people and doing important things, and you may also get the credit.
Maybe you can’t use it all in the first year. Well, this can roll forward up to five years, so it’s not like you’re gonna lose it if you don’t have all that expense in the first year.
So it’s a wonderful thing to do, A, to adopt a child, and B, to get a few more dollars in your pocket, because everyone knows that children are not inexpensive.
If you need help understanding how tax law works, or maybe you’re dealing with the IRS, just come to drfriday.com.
You can catch the Dr. Friday Call-in Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.