Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Chapter 7, Problem 17MCQ
To determine

Concept Introduction:

Adoption credit: Under adoption credit, individuals are allowed a nonrefundable income tax credit for qualified adoption credit. To calculate and report the adoption credit individuals use Form 8839.

To calculate: The adoption credit

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John and Joan pay $16,500 of qualified adoption expenses in 2018 to finalize the adoption of a qualified child. Their AGI is $197,000 for 2018. What is their adop tion credit for 2018? a. $0 b. $16,500 c. $13,460 d. $13,810
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