News Brief: IRS Increases 2017 Adoption Tax Credit

Each year, the IRS adjusts tax provisions to account for inflation. Learn about changes to the adoption tax credit for tax year 2017.

stack of forms you might need to claim the adoption tax credit

In October, the IRS adjusted over 50 tax provisions for taxes filed in 2018 for the 2017 tax year. The maximum adoption tax credit will increase to $13,570, from $13,460 in 2016. Parents who adopt a child with special needs can claim the full amount.

Taxpayers who make more than $243,540 or more annually are not eligible to receive the credit, and phaseouts apply for taxpayers with a modified adjusted gross income over $203,540 per annum.

The Adoption Tax Credit Working Group is still working to make the adoption tax credit refundable. The current non-refundable credit cannot be claimed by families that have no tax liability, which rules out most lower- to moderate-income families.

JOIN

You are viewing this exclusive AF content as a guest. To access our full Adoption Parenting Library — plus digital issues, eBooks, expert audio and more — join Adoptive Families today.

Authors


Copyright © 1999-2017 Adoptive Families Magazine®. All rights reserved. For personal use only. Reproduction in whole or in part without permission is prohibited.

More articles like this

Newsletter

Given email address is already subscribed, thank you!
Oops. Something went wrong. Please try again later.
Please provide a valid email address.
Thank you, your sign-up request was successful! Please check your e-mail inbox.
Please complete the CAPTCHA.
Please fill in the required fields.
Top