With Halloween around the corner, the end of the year will swiftly follow. Jeanne T. Tate, P.A. is currently reviewing our cases and scheduling qualifying families for adoption finalization by year end. Our office does this every year to assist eligible families obtain the adoption tax credit, which is claimed in the year the adoption is finalized. In some instances, we request that the court shorten the applicable time periods by a few days, pursuant to Florida Statutes §63.122(1), which allows for shortening for good cause.
In 2020, qualifying taxpayers may receive an adoption credit of up to $14,300. Clearly, the adoption credit is an important benefit which should be maximized, and which supports a determination of good cause. Now is a good time for adoptive parents who took placement of a child in 2020 to determine whether their case can be finalized by year end, and to schedule a meeting with their tax adviser to discuss eligibility for the adoption tax credit. Additional information on the adoption tax credit can be found at https://www.irs.gov/taxtopics/tc607.