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 ...
If people will stop and think...the tax credit gets special needs children out of expensive institutions. Good for the child and good for taxpayers. I don’t like government involvement in these things, until we can get the government out fo the social welfare business, this saves taxpayers money.
A tax credit should decrease your taxes due, not give you money you did not paay in.
This is all just a form of welfare.
And I just got a notice that I am being AUDITED!
Just damn!
If I win the lottery I am buying acreage in Wyoming and adopting 1,000 kids. lol.
Of course, there seems to be no consideration by anyone here on the expenses that went with those adoptions, or, if they were adopted through the state, the money saved by the state on moving those kids out of the state system and onto the family’s expense.
Things aren’t always so open and shut, are they? Going with that hypothetical state system, what would have been the cost to the taxpayer to raise those kids in the system until they were 18, and possibly future expenses because they never had a family structure and ended up in prison, etc?
Always think things through. Always examine the options.
Hey, great idea.... If I win the lotto I will adopt 1,000 17-year olds and put them to work. lol. Cha-Ching.
Heck, might even make it some kind of a cult and keep the girls around for a while as a harem after they are 18.
lol.
Actually, thinking about the full story a bit, I admire the heck out of these people. God Bless them.
Coupon clipping for children?
There should be no monetary incentives for child adoptions.
Wait until Planned Parenthood hears about this and moves to Plan B.
What they are doing is great...what I don’t agree with is the government handing out tax payer’s money for any reason at all. I totally reject any kind of government welfare.
What a country we live in. Subsidies are called tax credits and tax cuts are called subsidies. Up is down, black is white, high is low and next it will be right is left and left is right
Another reason to go with the FairTax or other form of national retail sales tax.
Brad and Angelina sure could use the money.
Leni
In principle, I don’t like to see ‘tax refunds’ going to those who don’t pay taxes, and I don’t like to see the fedgov getting so involved in these situations. However, I find this family very sympathetic, and I admire them for fostering and adopting children in need.
Go for it:)
I got this email
*********************
The Bread Winner!
I was speaking to an emergency room physician this morning.
He told me that a woman in her 20s came to the ER with her 8th pregnancy.
She stated, “my momma told me that I am the breadwinner for the family.”
He asked her to explain.
She said that she can make babies and babies get money for the family.
It goes like this: The grandma calls the Department of Child and Family Services and states that the
unemployed daughter is not capable of caring for these children.
DCFS agrees and states that the child or children will need to go to foster care.
The grandma then volunteers to be the foster parent, and thus receives a check for $1500 per child per month in Illinois. Total yearly income: $144,000 tax-free,
not to mention free healthcare (Medicaid) plus a monthly card entitling her to free groceries, etc,
and a voucher for 250 free cell phone minutes per month.
This does not even include WIC and other welfare programs.
Indeed, grandma was correct in that her fertile daughter is the “breadwinner” for the family.
This is how the ruling class spends our tax dollars.
Sebastian J. Ciancio, M.D. Urologist, Danville Polyclinic, LTD
Is this a GREAT COUNTRY or what...?
Don’t forget to pay your taxes!
There are a lot of “Breadwinners” depending on us!
The big question in my mind is can they take care of these kids, or will they (without depending on taxpayers to do it). No way to know.
I wonder if the same kids can be adopted year after year... that could be a good gig if it's allowed.
This will happen when adopting becomes a commercial industry in partnership with the federal government....count on it.
Leni
Get somebody to adopt you.
So what’s stopping some scumbag from adopting a kid, getting a refund, then putting the kid back to the adoption agency?
Hope you have better luck than me. I tried a windmill on mine. Didn't end well.
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