Tax benefits for adoption include both a tax credit for qualified adoption expenses paid to adopt an eligible child and an exclusion from income for employer-provided adoption assistance. The credit is nonrefundable, which means it's limited to your tax liability for the year. However, any credit in excess of your tax liability may be carried forward for up to five years. The maximum amount (dollar limit) for 2023 is $15,950 per child.

The beginning of a new year often means a fresh start for many, but it also means it is time to start gathering tax documentation in order to file your tax returns for 2018.  Adoptive parents who finalized their adoptions in 2018 may be able to obtain an adoption tax credit up to $13,810.00 per child.