My wife and I are looking to adopt a domestic US-born child. We haven’t identified a child yet, but we are hopefully we will identify and adopt a child soon. So far, we have incurred adoption related expenses in 2023 and 2024.
We started the adoption journey in Jan 2023. We have incurred approx. $8K of adoption expenses in 2023 and approx. $4K of adoption related expense so far in 2024.
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Congratulations! The adoption credit is a non-refundable credit. The maximum credit for 2023 is 15,950 and phases out if your income gets too high. A non-refundable credit means that it can be used to reduce your tax liability, but once that is at zero, you don’t get the rest as a refund. You can carry it over to the next year for up to five years.
Please see this handy IRS topic overview for some great information.
Hope this helps!
Cindy
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