Skip to comments.We're getting a $54,000 tax refund! (only in America)
Posted on 04/02/2011 11:03:04 AM PDT by mandaladon
SMITHFIELD, N.C. (CNNMoney) -- The Wards couldn't believethe news when their tax preparer called to tell them they're getting a $54,000 refund this year.
Thelma Ward was speechless. She had to hand the phone to her husband so she could dance around the living room floor in shock. "I was thanking God like never before," she said. "We're just overwhelmed -- that amount was so huge it was unbelievable."
Even their tax preparer said she had to check the math -- 10 to 15 times.
"We couldn't believe it when we totaled everything up. We were like, that can't be right," said Dee Carter, owner of the local H&R Block where the Wards have brought their taxes for more than 10 years. "We had never seen anything like it before, so we had to check it over and over again."
So what's bringing this windfall? The federal adoption tax credit.
In the past few years, the Wards have expanded their already big clan of seven children by adopting five new kids. For each of these adopted children, they are eligible for a one-time tax credit of up to $13,170.
The credit has been around since 1997, but this tax season it is refundable for the first time -- which is the tax equivalent of hitting the jackpot.
A refundable tax credit lets you get the cash even if you owe no taxes. A non-refundable credit just offsets any taxes you owe, and then rolls anything remaining to the next tax year.
(Excerpt) Read more at money.cnn.com ...
The E.I.T.C. was first proposed by Nixon, signed into law by Ford and increased under every administration since, without exception.
I tell you, I'm glad I have a job, because they are dependent upon me to pay for their lifestyle.
It's like selling blood - diseased trash ( and a few college students ) come a running.
Strap a windmill backpack on him for a trifecta!
Another way the left gives our tax money to others who have no taxes to pay, yet get money termed a “tax refund”.
When the government is spending our dollars like crazy and every dollar spent has 40 cents of it borrowed, this adoption credit is nuts. Sure, adopting kids is great and a social plus, but why in heck do I and others who don’t adopt and do pay our legal tax bill have to reward others who end up paying no taxes and even get more money back?
I “thought” about adoption...can’t I get some kind of refund for that?
After all, our illustrious leader only “thought” about peace and got a Nobel out of it. Seems to me the same should apply.
Is it welfare? Only if one presumes it is the government’s money to begin with.
They are getting a tax credit for the adoptions against taxes paid. Those accrued over years. They are taking children out of the state system. That saves the taxpayer money. The special needs kids get the full rate because they have the most expense. Those expenses may last a lifetime.
Plus, they did all this not knowing they would be receiving the money. The tax preparer found the deduction. In other words, they did it anyway scraping by to take as many as they could.
Saved the state years and years of expenses while put against taxes they paid plus their costs for the adoption plus their assumption of the full costs of the children.
Where are they getting over? I don’t see it.
In the long run, it's probably a pretty good deal for all around.
It's a one time refund and I am sure it costs WAY MORE than 13k to keep a kid in foster care for a year
Plus the kid gets a home too boot
This is different than a kid in foster care since that is a perpetually state monthly paycheck.
Why not? It's from those who actually WORK for a living, handed to those who don't......we need to "share" (see tagline)
Adoption costs over $20K. I think the tax credit ($13k) is completely reasonable. G-d bless those who adopt.
HOWEVER, I have always hated “refunds” for people who do not pay income tax. Whether for adoption or otherwise, there should be NO REFUNDS if you didn’t pay anything. I can’t walk into Target today and ask for a refund on the TV I did not buy, so how can taxpayers qualify for refunds they didn’t pay?
You can adopt foreign kids too to get this freebie.
Interesting thread. Thanks.
Geeeesh. I make $30,000 a year and got back $42 from the feds and, believe it or not, owe the lovely state of Illinois...$42.
Right. The world is better off with more unadopted orphans.
Yours is but one of several heartless comments here. Your antipathy toward orphans is sick.
Depends on your skin color.
If you are not one of Eric's peoples, forget it.