Employers that offer an adoption assistance program might want to let employees know about recent guidance from the IRS. The agency explains that employees may exclude from their gross income up to $13,170 received through an employer’s adoption assistance program and that the maximum credit an individual can claim for qualified adoption expenses is $13,170 per child for 2010—up from $12,150 last year.
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Get Your Report Now!The amount that an employee may exclude from gross income begins to phase out for those with modified adjusted gross income of more than $182,500 and is completely phased out for those making $222,520 or more.