Creating a Family: Talk about Adoption, Foster & Kinship Care

2021 Adoption Tax Credit


Listen Later

Click here to send us a topic idea or question for Weekend Wisdom.

Are you planning on claiming the Adoption Tax Credit this year? We talk with Becky Wilmoth, an Enrolled Agent and Adoption Tax Credit Specialist with Bill's Tax Service and Josh Kroll, the Adoption Subsidy Resource Center coordinator at the North American Council on Adoptable Children.

In this episode, we cover:

  • What is the Adoption Tax Credit for adoption being claimed on 2021 federal taxes? $14,440 per child
  • It is a non-refundable tax credit. How to advocate for refundability?
  • What is a “credit” and how does it differ from a deduction or some other form of tax savings?
  • If you get a tax refund every year, how would you use the Adoption Tax Credit?
  • If you don’t have any federal tax liability, should you still apply the credit to your federal income taxes?
  • What type of adoptions are included or excluded? Stepparent adoption? Embryo adoption? Same-sex partner second parent adoption? Unmarried heterosexual second parent adoption? Surrogacy?
  • Can you get credit for each adoption you complete even if completed in the same year? What about adopting siblings at the same time?
  • What is a Qualified Adoption Expense for purposes of the Adoption Tax Credit 2021?
  • When can you claim the Adoption Tax Credit?
    • Domestic private adoption
    • International Adoption
    • Re-adoption in the US for international adoption
    • Foster Care Adoption
  • How does the Adoption Tax Credit work with kinship adoptions? What if the child never was involved with the foster care?
  • Special Needs Adoption: How does the Adoption Tax Credit differ for adoptions from foster care? What does the IRS accept as proof of “special needs”?
  • Special needs child for international adoption?
  • Can you reclaim your expenses for a failed adoption? How?
  • What income level is excluded from claiming the Adoption Tax Credit in 2021?
  • How long can the credit be carried over?
  • Will the Adoption Tax Credit offset self-employment tax? 
  • Secure Act and Qualified birth or adoption distributions.
  • How does the Adoption Tax Credit work in conjunction with employee adoption benefits? For special needs adoption?
  • If you adopt, can you still get the Child Tax Credit? How does the timing work?
  • What do you need in order to get the Child Tax Credit for your adopted child? Social Security # for the child.
  • How does Advanced Tax Payments work with adoption?
  • What type of documentation for the Adoption Tax Credit should you submit with your taxes? What type of documentation should you keep in your records?
  • What should you do if you do not have your child’s social security number when you get ready to file your taxes? When should you consider using an Adoption Taxpayer Identification Number (ATIN #) or Individual Taxpayer Identification Number (ITIN #)?
  • What are the most common questions received about the Adoption Tax Credit?
  • How to find a

Support the show

Please leave us a rating or review. This podcast is produced by www.CreatingaFamily.org. We are a national non-profit with the mission to strengthen and inspire adoptive, foster & kinship parents and the professionals who support them.

Creating a Family brings you the following trauma-informed, expert-based content:

  • Weekly podcasts
  • Weekly articles/blog posts
  • Resource pages on all aspects of family building
...more
View all episodesView all episodes
Download on the App Store

Creating a Family: Talk about Adoption, Foster & Kinship CareBy Creating a Family

  • 4.7
  • 4.7
  • 4.7
  • 4.7
  • 4.7

4.7

287 ratings


More shows like Creating a Family: Talk about Adoption, Foster & Kinship Care

View all
Focus on the Family with Jim Daly by Focus on the Family

Focus on the Family with Jim Daly

4,737 Listeners

Read-Aloud Revival ® by Sarah Mackenzie

Read-Aloud Revival ®

3,339 Listeners

Calm Parenting Podcast by Kirk Martin

Calm Parenting Podcast

1,383 Listeners

Everything Happens with Kate Bowler by Everything Happens Studios

Everything Happens with Kate Bowler

4,995 Listeners

Relatable with Allie Beth Stuckey by Blaze Podcast Network

Relatable with Allie Beth Stuckey

20,172 Listeners

Raising Boys & Girls by That Sounds Fun Network

Raising Boys & Girls

1,782 Listeners

The Bible Recap by Tara-Leigh Cobble

The Bible Recap

35,190 Listeners

Flusterclux With Lynn Lyons: For Parents Who Worry by Lynn Lyons LICSW, Robin Hutson

Flusterclux With Lynn Lyons: For Parents Who Worry

446 Listeners

Culture Apothecary with Alex Clark by Turning Point USA

Culture Apothecary with Alex Clark

12,936 Listeners

The Baffling Behavior Show {Parenting after Trauma} by Robyn Gobbel

The Baffling Behavior Show {Parenting after Trauma}

242 Listeners

Good Inside with Dr. Becky by Dr. Becky Kennedy

Good Inside with Dr. Becky

4,407 Listeners

Financial Feminist by Her First $100K | YAP Media

Financial Feminist

6,284 Listeners

The Best of You by Dr. Alison Cook

The Best of You

802 Listeners

Therapy and Theology by Lysa TerKeurst

Therapy and Theology

1,972 Listeners

Practice Makes Parent by Focus on the Family

Practice Makes Parent

111 Listeners