07 Jan 2022 Adoption Tax Credit Info
Posted at 11:12h in Uncategorized
The IRS just announced the Adoption Tax Credit for 2022 and the maximum credit allowed for qualified adoption expenses is $14,890. The credit available to a taxpayer who adopts a child with special needs is also $14,890 for 2022.
The credit begins to phase out for taxpayers with modified adjusted gross income (MAGI) in excess of $223,410, and it’s completely phased out at $263,410 or more.