If you’re considering adopting a special needs child, you should know there may be financial help available in the form of an adoption credit. For 2020, the credit is $14,300 (up from $14,080 for 2019). For taxable years beginning in 2020, the maximum credit allowed for other adoptions is the amount of qualified adoption expenses up to $14,300 (up from $14,080 for 2019). The available adoption credit begins to phase out for taxpayers with modified adjusted gross income (MAGI) in 2020 of $214,520 and is unavailable once MAGI reaches $254,520. For 2019, the phaseout range was $211,160 to $251,160. Contact us with any questions. Visit our website for more information! www.mjscpa.com/news/