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Big Bear: Hi guys – we’ve got news from the IRS. New changes to the Adoption Tax Credit mean more families will now be eligible to claim it!
Cheeky: Yeah, and that’s a BIG deal because adoptions can be expensive, but the tax credit may help cover a bunch of fees, like courts and lawyers.
Karen…
Big Bear: Wait, Karen, if you’re saying something you’re on mute
Karen: Sorry Big, what I was saying is that, also, part of the credit is now refundable. Families can take home some extra money, even if they owe no taxes to the IRS.
Lawrence: There are different rules, but the credit may apply to international, domestic, private or foster care adoptions.
Big Bear: Good point, Larry. There’s more information on I-R-S dot gov slash adoptions. Make sure to check it out!