Here are some of the tax credits in which I am interested and the MAGI limits for phase out and elimination.
|Tax Credit - Qualifications for Married Filing Jointly|
MAGI for 100% Credit
MAGI for Full Phase Out of Credit
$10,960 per adoption
$1,000 per child
$110,000 + $20,000 per child
$1000 per person
It's too late to do anything for the 2006 tax year. However, if one expects to be close to the MAGI limits for the 2007 tax year, action still can be taken to be below the limit.
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This is not financial or tax advice. Please consult a professional advisor.
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