Sampson and Jaqueline had $2,500 in domestic adoption expenses in 2020, $2,500 in adoption expenses in 2021, and $5,000 in adoption expenses in 2022. The adoption was finalized on April 25, 2022. Which statement is TRUE about their Adoption Credit if they wish to claim the expenses as early as possible? They can claim: $10,000 in 2022. $5,000 in 2021 and $5,000 in 2022. $2,500 in 2021 and $7,500 in 2022. $2,500 in 2022, $2,500 in 2023, and $5,000 in 2024.
Sampson and Jaqueline had $2,500 in domestic adoption expenses in 2020, $2,500 in adoption expenses in 2021, and $5,000 in adoption expenses in 2022. The adoption was finalized on April 25, 2022. Which statement is TRUE about their Adoption Credit if they wish to claim the expenses as early as possible? They can claim: $10,000 in 2022. $5,000 in 2021 and $5,000 in 2022. $2,500 in 2021 and $7,500 in 2022. $2,500 in 2022, $2,500 in 2023, and $5,000 in 2024.
Chapter7: Tax Credits
Section: Chapter Questions
Problem 18MCQ
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Transcribed Image Text:Sampson and Jaqueline had $2,500 in domestic adoption expenses in 2020, $2,500 in adoption expenses in 2021, and $5,000
in adoption expenses in 2022. The adoption was finalized on April 25, 2022. Which statement is TRUE about their Adoption
Credit if they wish to claim the expenses as early as possible? They can claim:
O $10,000 in 2022.
$5,000 in 2021 and $5,000 in 2022.
O $2,500 in 2021 and $7,500 in 2022.
O $2,500 in 2022, $2,500 in 2023, and $5,000 in 2024.
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