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 ...
I wish this were the case, but no, they cashed in on the adoption credit, which became refundable this year. If I had to guess they probably had relatively little wages withheld. This is about as brazen as wealth redistribution gets.
No, unless part of it is due to itemizing deductions and they recover some of those deductions (eg if they get a state refund and they had claimed state tax withholding as an itemized deduction.) Otherwise, the money is tax-free.
I know of someone who has taken full advantage of the system. She and her husband adopted 3 special needs children. They got a few thousand a month plus Medicaid and food stamps, free housing and utilities. Then, they divorce.....the ex-husband has to pay child support! The woman is raking it in hand over fist. She seriously does not have to pay for anything. And, yet, she is consistently broke. Argh!
Lets see, with current inflation; that’s a weeks groceries.
Then you are indeed a lefty at heart. Giving a tax credit is one thing, giving a refund without taxes being paid is a rip off of the rest of us. As for the expenses of the people raising the adopted children, that is their problem, not the problem of the taxpayers of the USA. When they adopted them it wasn't with the provision that we would subsidize their expenses. The state saves the money of raising them whether they give a refund or not, and that is one of the dumbest damn excuses for ripping off the taxpayers I have ever heard.
Giving refunds will probably lead to wide spread fraud in the adoption field.
Then you are indeed a lefty at heart. Giving a tax credit is one thing, giving a refund without taxes being paid is a rip off of the rest of us. As for the expenses of the people raising the adopted children, that is their problem, not the problem of the taxpayers of the USA. When they adopted them it wasn't with the provision that we would subsidize their expenses. If the children are already adopted the state saves the money of raising them whether they give a refund or not, and that is one of the dumbest damn excuses for ripping off the taxpayers I have ever heard.
Giving refunds will probably lead to wide spread fraud in the adoption field.
Now you can look up the pictures of those kids in flordia. That were in their cages because good honest people wanted their crazy checks.
Oh, wait, don't confuse the several with the two kids, where one was starved to death, after all only good honest caring people adopt. Oh, wasn't the little blond kid in new York, abused by her father and mother adopted, and the otherone beaten because she wet herself, and, and, oh, never mind, you may be right.
Billions for abortion subsidies. $54,000 for adoption.
But you are right. Planned Parenthood will not like this.
I had to pay an additional $54, 000 last year. Did they get my money?
How much of that goes to government or government-sponsored organizations? Probably all of it. Adoption should be free, like abortion.
On the other hand, the article is dated as April 1st.
No, no, we are not penalized. We get our benefits every day.
Um. Huh? This family is doing good, and you associate them with child abusers? What do you have against adoption?
A wave of adoptions will ensue as soon as the overall public hears the news about “free money” for adoptions.
Hopefully that’s the case.
I have the strength of ten because my heart is pure, but I can’t fix stupid.
Don’t have anything against adoptions, just against doing it for my money. You want to do good, do it on your own dime.
I have no antipathy for orphans. Why should the government be subsidizing this when it has no money? You must be a libtard.
Lol
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