Friday, September 21, 2007

Good news for those of us adopting

This is probably old news for some, but I just read about it today.

From the IRS website...

Adoption Benefits Increased

For 2007, the maximum adoption credit has increased to $11,390. Also, the maximum exclusion from income for benefits under your employer's adoption assistance program has increased to $11,390. These amounts are phased out if your modified adjusted gross income (MAGI) is between $170,820 and $210,820. You cannot claim the credit or exclusion if your MAGI is $210,820 or more.

We only had a credit of a little over $10,000, I think, so this increase is great news to us! Hopefully, the credit amount keeps increasing until we get to China.

1 comment:

Vivian M said...

Yay and hooray for the credit increase! We hope that continues to increase as well!