The IRS has released information regarding the amount of the adoption tax credit for 2018 and the Modified Adjusted Gross Income (MAGI) amounts for the phase out yesterday. Assuming the Adoption Tax Credit survives the tax cuts, the maximum credit for 2018 will be $13,840 per child. The credit will begin to phase out for taxpayers with MAGIs of $207,580 and will be completely phased out for taxpayers with MAGIs of $247,580 and above.
The maximum exclusion from a taxpayer’s income under IRC Section 137 is also $13,840 per child with the same MAGI phase-out limits.
The Revenue Procedure can be found on the IRS website.
We need to continue to advocate for the retention of the Adoption Tax Credit, and if we can to make it refundable as provided for in S 937 which is currently pending in the Senate.
Contact your Congress persons and make your voice heard.