If you’re considering adopting a special needs child, you should know there may be financial help available in the form of an adoption tax credit. For 2022, the credit is $14,890 (up from $14,440 for 2021). For other adoptions, the maximum credit allowed is the amount of qualified adoption expenses up to $14,890 for taxable years beginning in 2022 (up from $14,440 for 2021). The available adoption credit begins to phase out for taxpayers with modified adjusted gross income (MAGI) in 2022 of $223,410 and is unavailable once MAGI reaches $263,410. For 2021, the phaseout range was $216,660 to $256,660. Contact us with any questions.