Randy and Rachel are eligible for a $fill in the blank 1 adoption credit in 2020. b.  Assume the same facts but the taxpayer's AGI for 2020 is $220,000. Round any division to three decimal places and round your final answer to the nearest dollar. Randy and Rachel are eligible for a $fill in the blank 2 adoption credit in 2020.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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In late 2019, Randy and Rachel Erwin paid $7,000 in legal fees, adoption fees, and other expenses directly related to the adoption of an infant son, Jameson. In 2020, the year in which the adoption becomes final, they pay an additional $8,000. Their AGI in 2020 is $135,000.

a.  Randy and Rachel are eligible for a $fill in the blank 1 adoption credit in 2020.

b.  Assume the same facts but the taxpayer's AGI for 2020 is $220,000. Round any division to three decimal places and round your final answer to the nearest dollar.

Randy and Rachel are eligible for a $fill in the blank 2 adoption credit in 2020.

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