What ADOPTION CREDIT means: A nonrefundable credit for qualified adoption expenses incurred for each eligible child. The limit on the credit is indexed to inflation. For current figures, see our Adoption Assistance rate table. The limit is a per-child limit, not an annual limit. Any unused credit can be carried forward for five years or until used. For special needs children the full credit is allowed, regardless of the amount of actual expenses.
- Definition Asset:
- Dictionary An item of useful or valuable property adoption credit definition.
- Definition Annualized Income:
- Dictionary and expenditures for a particular period multiplied by the ratio of 12 to the number of months in the period. For example, if annualizing the income for the period January 1 though May 31, multiply adoption credit explain.
- Definition Alimony Payments:
- Dictionary one spouse to the other spouse or former spouse under a separation or divorce agreement. Qualified alimony and separate maintenance payments are includible in the gross income of the recipient and adoption credit what is.
- Definition Accounting Period:
- Dictionary The period (normally 12 months) that a taxpayer uses to determine federal income tax liability. Unless a taxpayer makes a specific choice to the contrary, his accounting period is the calendar year adoption credit meaning.
How works Adoption Credit meaning in Tax definitions A .
