Creating A Family: Talk About Infertility, Adoption & Foster Care

How can you talk full advantage of the Adoption Tax Credit? What changes are important when filing for this credit for your 2020 taxes. We talk with Becky Wilmoth, an Enrolled Agent and Adoption Tax Credit Specialist with Bill's Tax Service and Josh Kroll, the Adoption Subsidy Resource Center coordinator at the North American Council on Adoptable Children.In this episode, we cover: What is the Adoption Tax Credit for adoption being claimed on 2020 federal taxes $14,300It is a non-refundable tax credit. How to advocate for refundability.What is a “credit” and how does it differ from a deduction or some other form of tax savings? If you get a tax refund every year, how would you use the Adoption Tax Credit? If you don’t have any federal tax liability, should you still apply the credit to your federal income taxes? What type of adoptions are included or excluded? Stepparent adoption? Embryo adoption? Same-sex partner second parent adoption? Unmarried heterosexual second parent adoption? Surrogacy?Can you ge