What are the requirements for the adoption tax credit?
An example of an AI chatbot conversation about adoption tax credit qualifying children.
What are the requirements for the adoption tax credit?
To qualify for the adoption tax credit, the child must be under 18 years old and must be legally adopted.
Are there any specific income limits I should be aware of?
Yes, there are income limits. For 2023, the credit begins to phase out for modified adjusted gross incomes over $223,000.
What types of adoptions qualify for the credit?
The credit applies to domestic and international adoptions, including special needs adoptions.
How much is the adoption tax credit worth?
For 2023, the maximum adoption tax credit is $15,950 per child.
Can I claim the credit if I adopted a child last year?
Yes, you can claim the credit for adoptions finalized in the previous tax year.
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