The IRS has just published the Adoption Tax Credit numbers for 2015. The new maximum dollar amount allowed for tax year 2015 is $13,400 per child (up slightly from $13,190 in 2014). The adoption tax credit phase out begins out for those families with modified adjusted gross incomes in excess of $201,010 and is phased out entirely for those with modified adjusted gross income that exceed $241,010. Similar to last year, the adoption of a “special needs” child as defined in the tax code qualifies for the full adoption tax credit amount for each child without having to show the payment of any costs or expenses. Contact our office or your tax professional with questions.
Mark