What are the income limits for adoption tax credits?

What are the income limits for adoption tax credits?

The income limits for adoption tax credits can vary based on the tax year. For 2023, the phase-out begins at $214,520 for single filers and $254,520 for married couples filing jointly.

What if my income is above those limits?

If your income exceeds the limits, you may not qualify for the full credit, but you can still claim a reduced amount depending on your income level.

Are there any other requirements to qualify for the adoption tax credit?

Yes, you must have adopted a child who is under 18 or a person who is physically or mentally unable to care for themselves. Additionally, the adoption must be finalized.

Can I claim the credit for multiple adoptions?

Yes, you can claim the adoption tax credit for multiple adoptions, but the total amount you can claim is subject to the annual limit.

How do I apply for the adoption tax credit?

To apply, you need to complete IRS Form 8839 and attach it to your tax return. Make sure to keep all relevant documentation.