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30. Carla and Bob finalized an adoption in 2019. Their adoption fees totaled $9,500. They have...

30.

Carla and Bob finalized an adoption in 2019. Their adoption fees totaled $9,500. They have AGI of $220,160 for 2019. What is their adoption credit?

a.$14,080

b.$9,500

c.$8,075

d.$7,263

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Answer #1

Qualified adoption expenses can be claimed as deduction subject to the overall limit. The maximum amount that can be claimed for 2019 is $14,080 per child.

These adoption credits are subject to limit. It is based on modified adjusted gross income ("MAGI"). The lower limit for  MAGI is $211,160 for a phaseout and upper limit.$251,160 for no deduction. And if its falls between the two it is subject to be phased out.

On the basis of above guidance, Carla and Bob can claim the eligible adoption fees of $9,500 is the year.

Hence the correct answer is option (b)

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