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https://www.thecorkboardonline.com/2009/04/the-not-so-nice-adoption-tax-credit/ Wed, 15 Apr 2009 14:39:42 +0000 hourly 1 https://wordpress.org/?v=6.5.8 https://www.thecorkboardonline.com/2009/04/the-not-so-nice-adoption-tax-credit/#comment-13 Wed, 15 Apr 2009 14:39:42 +0000 http://www.thecorkums.com/blog/2009/04/14/the-not-so-nice-adoption-tax-credit/#comment-13 I get where you are coming from. We are in process to adopt internationally, and the tax credit will not help us much at all. We have a lot of deductions and very little tax burden. We usually owe less than $1000 per year, and that’s before the child tax credit. I feel like we are being somehow punished because we don’t earn enough money to owe a lot of taxes OR because we give too much of what we do earn to charity. I think the adoption tax credit should work similar to the child tax credit, and if you don’t owe enough taxes, you should still be able to take the additional credit amount. That would help ALOT! I don’t think it needs to be more, but I do think it needs to be more available to those who really need it. IMHO, a wealthy family who has $12,000 or more in tax burden each year is not the family who really needs this tax credit in order to adopt a child. It is the family who has less income, and therefore owes less taxes, that really needs it. Also, we should be able to claim the credit and the child as a dependant as soon as we have custody of the child, and not have to wait until finalization. It seems hypocritcal that the gov’t mandates that insurance companies have to allow us to claim the adopted child as soon as we bring them home, but the gov’t itself won’t allow us to claim them until finalization. Ok, my rant is over. : )

]]> https://www.thecorkboardonline.com/2009/04/the-not-so-nice-adoption-tax-credit/#comment-12 Wed, 15 Apr 2009 13:39:02 +0000 http://www.thecorkums.com/blog/2009/04/14/the-not-so-nice-adoption-tax-credit/#comment-12 While I understand your frustration with the current system, and agree that it can be very difficult to pay for an adoption (we have pinched every penny until it screamed), I have to respectfully disagree that the credit should be replaced by an even higher grant. The harsh reality of poverty in this country and others is often one of the deciding factors in a birth family placing a child for adoption. If the government is going to get involved in what is “best” for kids, it would make more sense to me if they gave that $20K to a financially struggling birth family to allow them more of an opportunity to parent their own child if they choose. Government money is not free and unlimited. We all pay for it. Selfishly, I’d love the government to give me more money, but if I’m honest with myself, I’d prefer the money be spent, if it is spent at all, to strengthen struggling families. Just my 2 cents. =)

]]> https://www.thecorkboardonline.com/2009/04/the-not-so-nice-adoption-tax-credit/#comment-11 Wed, 15 Apr 2009 03:43:28 +0000 http://www.thecorkums.com/blog/2009/04/14/the-not-so-nice-adoption-tax-credit/#comment-11 I see where you are coming from and for people are adopt in this manner, THIS MAKES PERFECT SENCE! For us, it would work against us…well not so much against us, as it would just not be for us at all…needs to be a seperate aid. For those of us who are adoptive parents through DSS the tax credit jis great just how it is, as we have no upfront money. And for us the tax credit is designed just righ, with the exception of only getting what we CAN get over the 5 years…however maybe that makes sense, we are taken in children from right here, so the tax credit seems like a good “that’a boy” if you will…but for you and those like you, you are right…and if we were going that route we would NEVER see all that money…as in this year, our first year to recieve the credit, we got…what was it…like $900!!!!!!! We will never see all that money. IT SHOULD be given in full or over a 5 year period. If only we made the rules! Thanks for thinking through all this!

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