• February 2003
  • Vol. 4, No. 1

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Federal Tax Benefits for Resource Families

Resource families (e.g., foster parents, adoptive parents, and kinship caregivers) are often unaware of federal tax laws that can make a big difference in their tax returns--sometimes as much as several thousand dollars. The Casey Family Programs National Center for Resource Family Support has published a tax year 2002 guide to help these families identify the tax benefits to which they are entitled.

The 19-page booklet is available online. Agencies are free to edit (by adding State tax information, for example), reproduce, and distribute copies to resource families and staff. Sample newsletter articles and check stuffers are also available. Similar guides are available for tax years 2001 and 2000. If resource families discover tax benefits they missed in prior years, they have up to 3 years to file an amended return.

Information on tax benefits can be found on the Casey Family Programs website, at http://www.casey.org/cnc/support_retention/federal_tax_benefits.htm. (This link is no longer available.)

The North American Council on Adoptable Children has released a one-page fact sheet on the adoption tax credit, worth up to $10,000 for parents who finalized the adoption of a child during tax year 2002. Download a copy of the fact sheet from their Website: www.nacac.org/pub_taxcredit.html.

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