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Can we claim the full adoption tax credit this year?
We adopted a special needs child through NM state this year. Turbotax is only letting me get partial of the 13,000. It's giving me 3,700 this year. It doesn't give me the option to claim the whole refund this year, it says 9,000 will be carried over. How can we change that?
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Deductions & credits
Under current tax law, you can’t change the credit you’re receiving, or the carryover.
The adoption credit is non-refundable -- which means that it can lower or eliminate any income tax you owe, but won’t produce a refund due to the credit.
However, as you’ve seen, if the entire credit isn’t used because all of your income tax was eliminated, the remaining amount can be carried forward for up to five years. In that event, it can continue to reduce or eliminate your taxes in the future.
At one point in time, this credit was refundable, but that provision expired several years ago.
For additional information, see New Addition: Adoption Tax Credits.
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Deductions & credits
hi, we adopted a child in WV through foster care this year after his parents rights were terminated. I understand the federal side of the credit, but was wondering about WV. Will i be able to e-file that or do i have to mail it in with the adoption paperwork?
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Deductions & credits
hi, we adopted a child in WV through foster care this year after his parents rights were terminated. I understand the federal side of the credit, but was wondering about WV. Will i be able to e-file that or do i have to mail it in with the adoption paperwork?