I know that you can carry forward unused adoption expenses for purposes of the tax credit for five years if you're unable to take the credit b/c your tax liability isn't high enough. Can you also carry forward the credit if your MAGI is too high? I can't find any examples that show that in the IRS publications and my tax software only calculates a carry forward due to insufficient tax liability, not MAGI phase out.
-
-
No, there is no tax provision that allows you to carry forward an unused benefit due to a MAGI phase-out.
The purpose of a tax benefit is to help taxpayers pay for an expense that Congress deems important. Once income reaches a certain level, Congress says we won't help pay for that expense anymore because the taxpayer makes plenty of money and doesn't need our help.
Comment