Margeret ad Chris begab and finalized the adoption of a US child with special needs in...

Margeret ad Chris begab and finalized the adoption of a US child with special needs in 2019, Their total adoption expenses were $2080. Their modified AGI was $201000.. What is the maximum amount they claim for their adoption credit/

A $0

B $2080

C $3000

D 14000

Solutions

Expert Solution

The tax payers are eligible for the benefit of the credit of the qualified adoption expense to adopt an eligible child.

An eligible child is the one that is below 18 years of age and is require special care, mentally and physically.

The qualified adoption expense should be the one that is directly attributable to the sole purpose of the legal adoption of the child.

The maximum amount of credit for the year 2019 is $14,080 per child.

Therefore, in the given case, Margaret and Chris spent $2,080 for the adoption of the child with special need.

hence, this amount qualifies as qualified adoption expense.

Hence, the maximum amount they claim for their adoption credit is (b) $2,080.

Hope this solves your query. Feel Free to ask any further query in the comment section.

ekkarill92 answered 2 years ago

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