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’ll try to adopt a 19-year old blonde Russian girl, a 20-year old Belarus girl and a 21-year old Romanian brunette, how much would my tax refund be?
Like the “Earned Income Tax Credit”. People on welfare have a few little whelps, work a few weeks, quit and they can get back more in a refund than they paid in taxes.
Talk to someone who works with the IRS that has to deal with these leeches. They dont even know their own kids SSN. And then when both the mother and father try to claim the kid on their taxes,it gets ugly.
The Tax credit was suppost to be for buying clothes for the children but most of the cash goes to big screens and video games.
A libtard? Let it go, newby.
Here I was thinking about getting my dog a social security number and you reminded me about scruples! :(
Here I was thinking about getting my dog a social security number and you reminded me about scruples! :(
I have been here over 10 years. What are u talking about? A libtard is a retarded liberal. I hope you are not one. I absolutely hate them. I hate it when they give out money for any cause they consider worthy no matter how bankrupt we have become. I hope you agree with me.
Good on ya for taking kids in.
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