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Tax Information for Adoptive Parents

1/7/2004:   As we work toward finding good homes for the thousands of children currently available for adoption, we must also stay focused on the variety of supports that these adoptive families will need to provide the nurturing home we want for all children.

If you are involved in preparing information packets for prospective adopters and those who have completed adoptions, you may want to add one new on-line resource to your folder—information about the tax benefits of adoption that may help adoptive parents provide all of the support their child will need.

If your organization provides adoption assistance payments as an employee benefit, it’s yet another reason to take a look at IRS Publication 968: Tax Benefits for Adoption.

For instance, beginning with tax returns filed for 2003, the maximum tax credit for adoptive parents increases to $10,160.

Up to an additional $10,160 paid or reimbursed by an employer for qualifying adoption expenses under an adoption assistance program may also be excluded from employees' gross income.

For more details, obtain a copy of Tax Benefits for Adoption by visiting
www.irs.gov/publications/p968/index.html or calling 800/TAX-FORM (829-3676).

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