Indiana Discounts, Credits & Tubulars
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How to fill out Discounts, Credits & Tubulars?
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Since the credit is per child, the maximum you claim depends on the number of children you adopt. If you adopted two children in 2023, your maximum is $15,950 x 2 or $31,900. If you adopt four children, the maximum is $15,950 x 4 or $63,800.
4. What is the maximum basic monthly adoption assistance maintenance payment in Indiana? Ages 0-4Ages 5-13Foster Care$21.27/day$23.10/dayFoster Care with Services$29.04/day$30.83/dayTherapeutic Foster Care$41.18/day$42.97/dayTherapeutic Plus$64.93/day$66.72/day1 more row
Complete the Indiana CC-40 This form is for computing credit for contributions to colleges and universities located in Indiana. The schedule, or a statement showing the same information, must be attached to your income tax return.
How to claim Take the qualifying costs for the child. Multiply the cost by 50% to get your credit amount. Do not enter more than $2,500 on line 43 or 44.
For 2023, the federal adoption tax credit is $15,950. The amazing thing about this tax credit is that it is not a deduction that reduces your income for purposes of determining your tax liability. Rather, it is a tax refund that is based on a dollar for dollar reduction of your total tax liability.
The second Indiana adoption credit limitation is $1,620 ($2,500-$880). The allowable Indiana adoption credit for 2023 is $1,520, the lesser of these amounts. Thus, the total Indiana adoption credit for 2023 is $2,900 ($1,380 for Child 1 plus $1,520 for Child 2).
Energy Efficient Home Improvement Tax Credit, You may qualify for a credit up to $3200 for window improvements, heat pumps, efficient air conditioners, or home energy audits.
The taxpayer may take a credit for taxes paid to other states against the taxpayer's Indiana adjusted gross income tax liability. This credit is only available for taxes for which the taxpayer is personally liable. Taxes imposed directly at the entity level generally are not eligible for this credit.