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In 2019, Kathy and Jeff paid $2,500 of qualified domestic adoption expenses. The adoption did not become final until 2020, and they paid an additional $3,100 in qualified expenses that year. Their modified adjusted gross income was $165,000. What is the maximum amount they may be eligible to claim for the Adoption Credit on their 2020 return

Sagot :

Based on the information given, it can be noted that the maximum amount that can be claimed for the adoption will be $14080.

It should be noted that taxpayers who adopt a child qualifies for the adoption of tax credit. The maximum adoption tax credit is $14080 pee child.

The adoption tax credit is subject to phase out. Since the modified gross income is below $211160 as it's $165,000, the amount that'll be claimed is $14080.

Learn more about adoption tax on:

https://brainly.com/question/25445611

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