Asked by Emily_ nicole on May 17, 2024
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Jesus and Mindy have modified AGI of $210,000,adopted a girl from Miami,Florida,and incurred a total of $18,000 in qualified adoption expenses.What is the amount of adoption credit they can claim in the current year? (Do not round interim calculations)
A) $2,719.
B) $11,378.
C) $13,460.
D) $18,000.
Adoption Credit
A tax credit offered to adoptive parents to offset the costs of adoption, available under the U.S. tax code.
Modified AGI
Adjusted Gross Income with certain adjustments added back in, used for determining eligibility for certain tax deductions and credits.
Qualified Adoption Expenses
The necessary costs incurred during the process of legally adopting a child, which can be eligible for tax credits.
- Acquire knowledge and compute the tax credit for adopting children domestically and internationally.
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Learning Objectives
- Acquire knowledge and compute the tax credit for adopting children domestically and internationally.
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