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- How do I claim the Adoption Credit in 2023?
How do I claim the Adoption Credit in 2023?
by TurboTax• Updated 5 months ago
The adoption tax benefits provide an incentive for individuals or families to adopt an eligible child. The 2023 maximum dollar amount per eligible child is $15,950. If your expenses were spread over multiple years, you might be able to spread the credit over multiple tax returns (see Who Qualifies and What Adoption Expenses Qualify below).
Included in the tax benefits is a nonrefundable tax credit. This is a dollar-for-dollar reduction in the amount of federal taxes owed (tax liability) for the year. You won't get a refund if the tax credit is more than your total tax owed for the year. However:
- Any credit in excess of your tax liability may be carried forward for up to five years.
- There's an exclusion from income for an approved employer-provided adoption assistance program.
Regarding the adoption tax credit, keep in mind:
- If you've adopted the child of your spouse, you can't claim this credit.
- The credit usually isn't available if you are Married Filing Separately.
- Keep receipts for all qualified adoption expenses with your tax records.
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