Plan for and track adoption expenses
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Carefully tracking the expenses you incur as part of the adoption process will help you prepare your taxes later for potential income tax credits. Congress recently passed a law that enables adoptive parents to claim a tax credit for adoption fees incurred after January 1, 1997. Use Money's categories and reports to help you track this information.
1 Go to Categories, and then click New.
2 Click Next, then enter a name for your adoption expense category, and then follow the instructions on the screen.
Choose Other Expense as the concept Money maps the new category to and click Finish.
3 Double-click your new adoption category in the categories list.
4 Check Include on tax reports, and assign the category to the appropriate tax form and line.
To view all your adoption expenses:
5 Go to the Categories place and double-click your adoption expense category to view the category details.
6 To create a report of the transactions in this category, move the cursor over the chart above the transactions list until you see a magnifying glass, then double-click. Choose Create a Report.
7 At tax time, go to the Reports place and print out a Tax-related Transactions report.
For details on the specific tax credits available for adoption and how to file for them, contact your tax advisor or the Internal Revenue Service.
How should I use categories and subcategories?
How do I track tax information using categories?