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Old 07-19-2009, 10:48 AM
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The IRS announces an increase in Adoption tax credit for 2009!

For the Tax year 2009, the adoption credit will to rise $12,150 (an increase from $11,650 in 2008) for standard adoptions plus $12,150 for children with special needs ((an increase from $11,650 in 2008).

Also, the maximum exclusion from gross income for amounts paid or expenses incurred under an employer's adoption-assistance program will increase to $12,150 (an increase from $11,650 in 2008).

The credit will start to be phased out when adjusted gross income hits $182,180 (an increase from $174,730 in 2008) and will be phased out completely when it exceeds $222,180 (an increase from $214,730 in 2008).

To claim the credit, file Form 8839. Click the link to review this form.

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