In 20 the individual spent a total of $10,000 in qualified adoption expenses in connection with a successful domestic adoption that became final in 2021.
For example, assume that in 2019 an individual claimed $8,000 in qualified adoption expenses in an unsuccessful adoption effort. In computing the dollar limitation, qualified adoption expenses paid and claimed in connection with an unsuccessful domestic adoption effort must be combined with qualified adoption expenses paid in connection with a subsequent domestic adoption attempt, whether or not the subsequent attempt is successful. For example, if you claimed a $3,000 credit in connection with a domestic adoption in 2020 and paid an additional $14,440 of qualified adoption expenses in 2021 (when the adoption became final), the maximum credit you can claim in 2021 is $11,440 ($14,440 dollar limit less $3,000 of qualified adoption expenses claimed in 2020). You must reduce the dollar limit for a particular year by the amount of qualified adoption expenses paid and claimed in previous years for the same adoption effort. Thus, if your MAGI amount is below $216,6, your credit or exclusion won't be affected by the MAGI phaseout, whereas if your MAGI amount for 2021 is $256,660 or more, your credit or exclusion will be zero. For tax year 2021, the MAGI phaseout begins at $216,660 and ends at $256,660. If your MAGI amount for 2021 falls between certain dollar limits, your credit or exclusion is subject to a phaseout (is reduced or eliminated).
The income limit on the adoption credit or exclusion is based on your modified adjusted gross income (MAGI). The credit and exclusion are each subject to an income limitation and a dollar limitation. Qualified adoption expenses include expenses paid by a registered domestic partner who lives in a state that allows same-sex second parent or co-parent to adopt his or her partner's child, as long as those expenses otherwise qualify for the credit. Qualified adoption expenses don't include expenses that a taxpayer pays to adopt the child of the taxpayer's spouse. For example, prospective adoptive parents who pay for a home study at the outset of an adoption effort may treat the fees as qualified adoption expenses.Īn eligible child is an individual who is under the age of 18 or is physically or mentally incapable of self-care.
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