Creating A Family: Talk About Infertility, Adoption & Foster Care

Click here to send us a topic idea or question for Weekend Wisdom.If you are adopting or have adopted within the last several years you should join our conversation today about claiming the Adoption Tax Credit for 2024. Our guests will be 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 Families Rising.In this episode, we cover:What is the Adoption Tax Credit for adoption being claimed on 2024 federal taxes? What is a “credit,” and how does it differ from a deduction or tax savings?How would you use the Adoption Tax Credit if you get a tax refund every year?Should you still apply the credit to your federal income taxes if you don't have any federal tax liability?What types of adoptions are included or excluded? Are kinship adoptions covered? Are kinship guardianship arrangements covered? What if the child never was involved with the foster care system?Can you get credit for each adoption you co