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Homework answers / question archive / Carl and Jenny adopt a Korean orphan
Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2019. They pay $7,000 in 2018 and $7,500 in 2019 for qualified adoption expenses. In 2019, Carl and Jenny have AGI of $150,000.
If an amount is zero, enter "0".
If required, carry any division out to four decimal places and round final answers to the nearest dollar.
How much credit could they claim if their AGI was $217160?
Jenny's credit is in phase-out range for the adoption credit.
So,
Phase out amount= ((217160-211160)/40000)*14080
= $2112
Amount to be allowed= 14080- 2112
= $11968
