What is the adoption tax credit amount for 2024?
An example of an AI chatbot conversation about the adoption tax credit for 2024.
What is the adoption tax credit amount for 2024?
The adoption tax credit for 2024 is set at $15,950 per child. This amount can help offset adoption expenses.
Are there any income limits for claiming this credit?
Yes, there are income limits. The credit begins to phase out for taxpayers with modified adjusted gross incomes over $239,230.
Can I claim this credit if I adopted a child in a previous year?
No, the credit is only available for qualifying expenses incurred in the year of adoption. However, you can claim it for each child adopted.
What expenses can I include for the adoption tax credit?
You can include adoption fees, court costs, attorney fees, and other expenses directly related to the adoption process.
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