Wv nfa 1 2025

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The document outlines the Nonfamily Adoption Credit Schedule for West Virginia, allowing a one-time personal income tax credit of $4,000 for taxpayers adopting children who are not their biological or stepchildren. The credit can be claimed in the year of adoption or spread over three years. It includes sections for personal information, required details about the adoption, and options for claiming the credit.

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Click ‘Get Form’ to open the WV/NFA-1 in the editor.
In Section 1, enter your last name, first name, and social security number. If filing jointly, include your spouse’s first name and social security number. Fill in your present home address, city or town, state, zip code, and telephone number.
Move to Section 2. Here, provide the required information for claiming the credit: adoptive case number, child’s social security number, name of the child, date of birth, age at time of adoption, date of adoption, and the state where the adoption occurred.
In Section 3, choose your credit option. Indicate if you will fully claim the $4,000 credit in the year of adoption or spread it over three years. Enter the amounts claimed for each tax year accordingly.

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What is the income limit for the adoption credit?

Eligibility. You are eligible for the Adoption Credit if you meet these criteria: Your modified adjusted gross income is $252,150 or less in 2024. The credit is reduced for incomes between $252,151 and $292,150 and unavailable if your income exceeds $292,150.

Who qualifies for the adoption tax credit?

You are eligible for the Adoption Credit if you meet these criteria: Your modified adjusted gross income is $252,150 or less in 2024. The credit is reduced for incomes between $252,151 and $292,150 and unavailable if your income exceeds $292,150. If married, you must file jointly to claim the credit.

Is WV getting the child tax credit?

The refundable child tax credit is available to a West Virginia resident or part-year resident individual who is entitled to a child tax credit under the laws of the United States. The credit is $1,000 per qualifying child who is five years of age or younger as of the close of the taxable year.

Do adopted kids get free college in WV?

West Virginia Legislation (HB-4784) was enacted allowing eligible youth in foster care to receive tuition waivers for the purpose of attending a West Virginia public college or university.

How much does the government pay you to adopt?

Key Takeaways. Adoptive parents are generally not paid to adopt a child, but foster parents get monthly payments to cover child care costs.

wv adoption tax

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How much is adoption assistance in WV?

Adoption Policy: Age RangeDaily RateMonthly Rate 0-5 $26 $790 6-12 $28 $851 13-21 $31 $942 Feb 7, 2024

What are the tax changes for WV in 2025?

West Virginia Governor Jim Justice signed into law S.B. 2033 which, effective January 1, 2025, lowers the graduated income tax rates from a range of 2.36% to 5.12% to a range of 2.2% to 4.82%. The legislation allows for future tax rate cuts if revenue goals are met.