Hi everyone…
Has anyone had any luck getting the adoption credit (2010/2011) approved on the year of arrival in lieu of the year of finalization (the following year)?
My son arrived in 2010 (from Korea) and we received our final decree in early 2011. I’ve been told that we could have filed for the credit in 2010 using his IR4 Visa.. Any truth to this?
>> Rev Proc 2005-31, Sec 5.01(2)(b) states: Children who receive an IR4 visa (guardianship or legal custody). The Service will not challenge a taxpayer’s treatment of the adoption of a child who was subject to a guardianship or legal custody arrangement and who receives an IR4 visa as final in the taxable year in which a home state court enters a decree of adoption.
I’m told the difficulty stems from Korea being a non-Hague country. I’m not a tax expert but they seem to be giving conflicting information as well. It would make sense to have the credit on the year of his arrival.
Thanks for the assistance..
Scott
- Posted by shw104 to Korea Adoptive Families on Apr 02, 2012 at 12:43pm | 2 Comments | Post a reply