Abel and Loni adopted a boy (a U.S. citizen) during the current tax year and incurred a total of $16,425 in qualified adoption expenses. Abel and Loni have modified AGI of $227,500. What is the amount of adoption credit they can take?
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Abel and Loni adopted a boy (a U.S. citizen) during the current tax year and incurred a total of $16,425 in qualified adoption expenses. Abel and Loni have modified AGI of $227,500. What is the amount of adoption credit they can take?
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- Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for adoption-related expenses. The adoption was finalized in early 2022. Marsha received $3,430 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: What amount of adoption credit, if any, can Niles and Marsha take in 2022? Using the information in part (a), assume that their modified AGI was $243,000 in 2022. What amount of adoption credit is allowed in 2022? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Prev Question 3 of 3 Total3 of 3 Visit question mapThis is the last question in the assignment. To submit, use Alt + S. To access otherPaola and Isidora are married; file a joint tax return; report modified AGI of $125,375; and have one dependent child, Dante. The couple paid $12,210 of tuition and $12,900 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for 2023.Joseph graduates from High School and enrolls in college in the Fall. Her parents pay $4,000 for his tuition and fees. Assuming his parents have AGI of $75,000 what is the American Opportunity tax credit they can claim for Joseph?
