21 Oct 2023 Adoption Tax Credit Info
The IRS issued Rev. Proc. 2022-38 on October 18, 2022, and the details of the Federal Adoption Tax Credit for adoptions finalized in 2023 are as follows:
For adoptions finalized in 2023 the maximum credit will be $15,950 and the maximum credit will begin to be phased out when the adoptive parents’ Modified Adjusted Gross Income (MAGI) for 2023 is greater than $239,230, and they will not be entitled to any credit if their MAGI is equal to or greater than $279,230 for 2023.