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GuDViN [60]
2 years ago
11

mark and shirley, married filing jointly with a modified adjusted gross income (magi) of $92,300, adopted their son, matthew in

2022. they paid $15,020 in adoption expenses. what are their total expenses for the purpose of calculating the adoption credit? $13,330 $14,000 $14,890 $15,020
Business
1 answer:
kap26 [50]2 years ago
6 0

Answer:

$14890 is the correct option because if any parent adopts a child in 2022  there is a federal adoption tax credit of up to $14,890 per child.

<h3>Claiming the Federal Adoption Tax Credit for 2022</h3>

A federal adoption tax credit of up to $14,890 per child is available for adoptions that are finalized in 2022. The adoption tax credit for 2022 is not transferable.

Parents who wish to receive the credit must:

have adopted a child who is not a stepchild - The child must be less than 18 or incapable of caring for themselves due to physical or mental impairment.

abide by the income restrictions - How much of the credit parents can claim depends on their income. Families earning less than $214,520 in modified adjusted gross income in 2022 are eligible for the full credit. People who earn between $223,410 and $263,410 can receive a partial credit; people who earn more than $263,410 cannot.

To know more about 'Adoption tax credit', visit :brainly.com/question/15410304

#SPJ4

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