What is the maximum Adoption Credit Mary can claim on her 2023 income tax return?

For the 2023 income tax year, the maximum Adoption Credit that can be claimed is $15,950 per eligible child. This credit is designed to assist families with the costs associated with adopting a child and can cover a range of expenses, including adoption fees, court costs, and attorney fees.

The figure of $15,950 reflects the advancements made in the tax code, which adjusts the credit amount periodically to account for inflation and increased costs associated with adoption. Families claiming this credit need to ensure that they have covered eligible expenses and are within the income limits specified by the IRS for the credit to be fully available.

Understanding the maximum credit allowed can be crucial for taxpayers to accurately calculate their potential refunds and tax liabilities, making it important to keep up with the latest figures set by the IRS.