Tyler and Molly,who are married filing jointly with $210,000 of AGI in 2017,incurred the following expenses in their efforts to adopt a child:
The adoption was finalized in 2017.What is the amount of the allowable adoption credit in 2017?
Definitions:
GDP
Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period.
Health Savings Accounts
Tax-advantaged savings accounts available to individuals in the U.S. enrolled in high-deductible health plans, used to pay for medical expenses.
High-deductible
A term often used in insurance policies that require the insured to pay a significant amount out of pocket before the insurance coverage begins to pay.
Tax-free
Financial gains or earnings that are not subject to taxation by government authorities.
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