Adoption Tax Credit 2020
Creating a Family: Talk about Adoption, Foster & Kinship Care
01/27/21
•57m
About
Comments
Transcript
Featured In
Drop us some Fan Mail. Thanks!
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 $14,300
- It 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 get credit for each adoption you complete even if completed in the same year? What about adopting siblings at the same time?
- What is a Qualified Adoption Expense for purposes of the Adoption Tax Credit?
- When can you claim the Adoption Tax Credit?
- Domestic Infant Adoption
- International Adoption
- Re-adoption in the US for International Adoption
- Foster Care Adoption
- Special Needs Adoption: How does the Adoption Tax Credit differ for adoptions from foster care?
- Special needs child for international adoption
- What income level is excluded from claiming the Adoption Tax Credit in 2020?
- How long can the credit be carried over?
- Will the Adoption Tax Credit offset self-employment tax or will it only offset income tax liability?
- How does the Adoption Tax Credit work in conjunction with employer benefits?
- What type of documentation should you submit with your taxes? What type of documentation should you keep in your records?
- What should you do if you do not have your child’s social security number when you get ready to file your taxes? When should you consider using an Adoption Taxpayer Identification Number (ATIN #) or Individual Taxpayer Identification Number (ITIN #)?
- How does the Adoption Tax Credit work with kinship adoptions? What if the child never was involved with the foster care?
- What are the most common questions received about the Adoption Tax Credit?
- How to find a tax specialist knowledgeable on the Adoption Tax Credit?
This podcast is produced by www.CreatingaFamily.org. We are a national non-profit with the mission to strengthen and inspire adoptive, foster & kinship parents and the professionals who support them. Creating a Family brings you the following trauma-informed, expert-based content:
· Weekly podcasts
· Weekly articles/blog posts
· Resource pages on all aspects of family building
Creating a Family also has an active presence on many social media platforms. Please like or follow us on Twitter, Facebook, LinkedIn, Pinterest, and Instagram.
Please leave us a rating or review. This podcast is produced by www.CreatingaFamily.org. We are a national non-profit with the mission to strengthen and inspire adoptive, foster & kinship parents and the professionals who support them.
Creating a Family brings you the following trauma-informed, expert-based content:
- Weekly podcasts
- Weekly articles/blog posts
- Resource pages on all aspects of family building
Previous Episode
Evaluating Risk Factors in Foster Care
January 22, 2021
•64m
Drop us some Fan Mail. Thanks!
We talk about evaluating the risk factors for foster care with Dr. Kimara Gustafson, an Assistant Professor in the Department of Pediatrics at the University of Minnesota with appointments at both their Adoption Medicine Clinic and Pediatric Emergency Department.
In this episode, we cover:
- The common risk factor that foster parents and those wanting to adopt from foster care need to be aware of include physical, emotional, developmental, educational, and behavioral problems rooted in childhood adversity and trauma.
- What types of trauma are foster kids exposed to? Neglect, abuse, prenatal exposure, multiple caregivers, not having a reliable caregiver, constant stress
- What percentage of children in foster care have been exposed to drugs or alcohol prenatally?
- Impact of trauma on physical health.
- Foster parents often have little information about prior health history.
- Overmedication of foster children and youth.
- Research has found that the average number of psychiatric diagnoses and psychotropic medications prescribed were significantly greater for youth and children in foster care. o Children in foster care are likely to be kept on them longer than other Medicaid-enrolled children who are not in foster care.
- What are psychotropic drugs and why are so many foster children on them?
- Who has authority to make health care decisions for foster children and youth?
- Impact of trauma on mental health.
- hyperactivity, inattention, and impulsivity.
- What types of behaviors are common as a result of trauma?
- Sleep issues common to children in foster care.
- Food issues common to children in foster care. Creating a Family course: Practical Solutions to Typical Food Issues
- Impact of trauma on a foster child’s education.
- Children in foster care need educational advocates.
- Risk factors to consider for children already in the home. Creating a Family course: The Impact of Fostering on Children Already in the Home
- Children can heal and foster parents can and do make a difference!
This podcast is produced by www.CreatingaFamily.org. We are a national non-profit with the mission to strengthen and inspire adoptive, foster & kinship parents and the professionals who support them. Creating a Family brings you the following trauma-informed, expert-based content:
· Weekly podcasts
· Weekly articles/blog posts
· Resource pages on all aspects of family building
Creating a Family also has an active presence on many social media platforms. Please like or follow us on Twitter, Facebook, LinkedIn, Pinterest, and Instagram.
Please leave us a rating or review. This podcast is produced by www.CreatingaFamily.org. We are a national non-profit with the mission to strengthen and inspire adoptive, foster & kinship parents and the professionals who support them.
Creating a Family brings you the following trauma-informed, expert-based content:
- Weekly podcasts
- Weekly articles/blog posts
- Resource pages on all aspects of family building
Next Episode
How a Parent's History with Attachment and Trauma Impacts Adoption and Fostering
February 5, 2021
•51m
Drop us some Fan Mail. Thanks!
Have you ever wondered why a specific behavior by your child drives you crazy? What do we as parents bring to the relationship that could be part of the problem? We talk about how a parent's history with attachment and trauma impacts our parenting with Dr. Patrice Berry, a licensed clinical psychologist with specialized training in adoption and foster care and over 15 years of clinical experience.
In this episode, we cover:
· Research has shown that our attachment style with our own parents is the biggest predictor of the attachment style we’ll have with our child.
· What do we mean by attachment style? Attachment style refers to the internal “working models” we develop of how relationships function. They influence the way we relate to important people in our lives. The attachments we form in our early relationships with parents or caretakers can have an impact on our feelings of insecurity, anxiety, fear, avoidance, and satisfaction in our closest relationships throughout our lives.
· A detailed tool has been developed to determine our attachment styles. Adult-Attachment Inventory (AAI). In the inventory, done by a professional with specific training, adults are asked to describe their childhoods, and it is in the telling of their stories that attachment styles are assessed.
· What are the types of attachment styles that have been identified in adults?
· Are our attachment styles fixed in childhood by how we were parented or can they change through growth and work on our part?
· To further complicate the parenting picture, it’s important to remember that foster and adopted children come to us having experienced some degree of trauma and a set of experiences from their own family of origin or previous care settings that did not develop in the family system of their adoptive family and may contrast sharply.
· All parents are susceptible to being “triggered” by things in their past and, consciously or unconsciously, having this shape their behavior. A child’s behavior can certainly be such a trigger.
· Examples of situations where a parent’s past trauma and attachment style may interfere with their being the best parent to their child.
· How can we move toward a more secure attachment style?
This podcast is produced by www.CreatingaFamily.org. We are a national non-profit with the mission to strengthen and inspire adoptive, foster & kinship parents and the professionals who support them. Creating a Family brings you the following trauma-informed, expert-based content:
· Weekly podcasts
· Weekly articles/blog posts
· Resource pages on all aspects of family building
Creating a Family also has an active presence on many social media platforms. Please like or follow us on Twitter, Facebook, LinkedIn, and Pinterest.
Please leave us a rating or review. This podcast is produced by www.CreatingaFamily.org. We are a national non-profit with the mission to strengthen and inspire adoptive, foster & kinship parents and the professionals who support them.
Creating a Family brings you the following trauma-informed, expert-based content:
- Weekly podcasts
- Weekly articles/blog posts
- Resource pages on all aspects of family building
If you like this episode you’ll love
Promoted