We adopted our foster child. What tax deductions do we get?

Hi kaminproject,
Thank you for joining us today, and congratulations on the recent addition to your family.
All parents of children are eligible to claim the Child Tax Credit of up to $2,000 per child for children under the age of 17. This credit starts to phase out when incomes exceed $200,000 for individuals and $400,000 for married couples. This is a semi-refundable credit.
Child care expenses for children under the age of 13 can also qualify for the Child and Dependent Care Credit. This is a maximum credit of $1,050 for one child and $2,100 for two or more children. This is a non-refundable credit, meaning it cannot take your tax liability below $0

Parents of adopted children can also qualify for the Adoption Credit. This is also a non refundable credit, but any unused portions can be carried forward for up to 5 years. This credit is for up to $15,950 in 2023 and $16,810 in 2024 of qualified adoption expenses and can be claimed in the year of adoption. However, the credit starts to phase out if your income exceeds $239,230 and is completely phased out at $279,230. You will need the to have a social security number for the child in order to claim this credit. The credit limit is per child.

You can find more information about the Adoption Tax Credit here. 

Edited 8/1/2024 2:30 PM PST