Most Recent Adoption Tax Credit Change

For the latest 968 Tax Benefits for Adoptions: for use in preparing 2003 returns go to the IRS web site. The tax credit for 2003 is $10,160.00. In addition to the adoption tax credit, this law allows up to $10,160.00 income exclusion when monies are paid or reimbursed by your employer for qualifying adoption expenses under an adoption assistance program.

Both the credit and exclusion may be available, but they cannot both be claimed for the same expense.

Please go to the IRS web site for Publication 968 or retain legal counsel or an accountant.