Vol. 7, No. 2 May 2003
Information for Foster and Adoptive Families
April 15 has passed, taxes are always a concern. As you plan your strategy
for next year, consider the following resources.
Annual Booklet on Tax Benefits for Resource Families. Each year,
The National Center for Resource Family Support at Casey Family Programs
publishes a booklet that provides a summary of various tax benefits
that may be available to foster, adoptive, and kinship caregivers. It
is available as a document that can be downloaded and printed. Agencies
may edit, reproduce and distribute copies. For a copy of the 2002 tax
booklet, go to <http://www.casey.org/cnc/support_retention/federal_tax_benefits.htm>.
Adoption Tax Credit Fact Sheet. In 2002 the North American Council
on Adoptable Children released a fact sheet on the new adoption tax
credit for adoptive parents. It explains that parents who adopt children
(that is, finalize the adoption of a child or children during tax year
2002 or successive tax years) will be eligible for up to $10,000 per
child in tax credits to offset documented adoption expenses. To access
this fact sheet, go to <http://www.nacac.org/taxcredit.html>.
Also see IRS Publication 968, Tax Benefits for Adoption, which can be
downloaded from the IRS website at <http://www.irs.gov/formspubs/lists/0,,id=97796,00.html>
2003 Jordan Institute for Families