Vol. 7, No. 2• May 2003

Tax Information for Foster and Adoptive Families

Although April 15 has passed, taxes are always a concern. As you plan your strategy for next year, consider the following resources.

Casey’s 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>.

NACAC 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>

Copyright � 2003 Jordan Institute for Families