What is the adoption tax credit amount for 2023?
The adoption tax credit for 2023 is up to $15,950 per child. This amount can help offset adoption expenses.
Are there any income limits to qualify for the adoption tax credit?
Yes, the credit begins to phase out for taxpayers with modified adjusted gross incomes over $223,000.
Can I claim the adoption tax credit if I adopted a child from another country?
Absolutely! The adoption tax credit applies to both domestic and international adoptions.
How do I apply for the adoption tax credit?
You can apply for the adoption tax credit by filing IRS Form 8839 with your tax return.
Is the adoption tax credit refundable?
No, the adoption tax credit is non-refundable, meaning it can only reduce your tax liability to zero.
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