50.1K

Verified Solution

Link Copied!

Niles and Marsha adopted an infant boy $($a U$.$S$.$ citizen$).$ They paid $$15,500$ in $2021$ for adoption$-$related expenses. The adoption was finalized in early $2022.$ Marsha received $$4,000$ 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 $$239,500$ in $2022.$ What amount of adoption credit is allowed in $2022?$Problem $9-57($LO $9-7)$

Niles and Marsha adopted an infant boy $($a U$.$S$.$ citizen$).$ They paid $$15,500$ in $2021$ for adoption$-$related expenses. The adoption was

finalized in early $2022.$ Marsha received $$4,000$ 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:

a$.$ What amount of adoption credit, if any, can Niles and Marsha take in $2022?$

b$.$ Using the information in part $($a$),$ assume that their modified AGI was $$239,500$ 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.

Answer & Explanation Solved by verified expert

See Answer