Taxes 101

Adoption Credit

The maximum adoption credit and exclusion amount is $13,970. This is also the maximum exclusion from income under an employer’s adoption assistance program. The full credit will be allowed for adopting a special needs child, regardless of whether the taxpayer has qualifying expenses. This is subject to phase-out modified adjusted gross income limits of between $197,880 and $237,880. The adoption credit is a nonrefundable credit in 2014