What is the maximum Adoption Credit available as of 2023?

The maximum Adoption Credit available as of 2023 is $14,440 per child. This credit is designed to offset the costs of adopting a child and can be claimed for qualified adoption expenses, which may include adoption fees, court costs, attorney fees, and other expenses directly related to the adoption process.

The figure of $14,440 is significant because it reflects periodic adjustments for inflation, which help to keep the assistance relevant in terms of the expenses families incur during the adoption process. Such credits encourage more families to consider adoption by alleviating some of the financial burdens associated with it. Understanding the nuances of these credits, including any income limitations or phase-outs that might apply, is also crucial for effectively guiding families through the adoption financing process.