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Finding a Tax Bundle of Joy

Date: June, 2010

Is someone in your family adopting a child? He or she may recoup expenses through the adoption tax credit (revised by the health care law). For 2010, the maximum credit is now generally available for the first $13,170 of the qualified expenses of adopting an eligible child (i.e., one younger than 18 years of age, or physically or mentally incapable of self care). Other rules apply to special-needs children. 

But be aware that the adoption credit is phased out for high-income taxpayers. For 2010, the phaseout occurs for taxpayers with an AGI between $182,520 and $222,520. The credit, which was scheduled to expire after 2010, has been extended through 2011.
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