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Here are some ideas for financing your adoption:
1. Employee Adoption Assistance Benefit Programs About 25% of companies in the United States help their employees when they adopt by reimbursing adoption expenses with a cash benefit. These benefits are tax-exempt. Corporate human resource resource departments will provide employees with information about the benefits available, if any. For more information you can also visit: http://www.adoptionbenefits.com.
2. Subsidies for Military Families The US Armed Forces offers financial assistance to active members of the military who are adopting a child. This reimbursement of up to $2,000.00 can only occur after the adoption is finalized.
3. Adoption Tax Credit A federal income tax credit of up to $10,630.00 is allowable in the tax year in which your adoption is finalized for families who have an annual income of less than $150,000.00; there are smaller tax credits for families with higher incomes. All adoption fees and expenses, including mileage, qualify. For more information, visit http://www.irs.ustreas.gov/search and search for 'adoptions'. Publication 968 'Tax Benefits for Adoption' can also be downloaded from http://www.irs.gov/pub/irs-pdf/i8839.pdf. |
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4. Adoption Loans The National Adoption Foundation (NAF) has established a revolving loan bank to provide unsecured loans to adoptive families. Your payments and interest then help other adoptive parents. NAF also has a home equity loan program. Both loan programs are financed through MBNA. The foundation has a limited program to provide grants, usually in the range of $2,500.00, assist families with adoption costs. You can call the foundation to request an application packet. National Adoption Foundation, 100 Mill Plain Road, Danbury, CT 06811, (203) 791-3811
You could also consider borrowing from your 401-k plan. Many plans now offer very low interest rate loans. Talk to your employer to see if this is an option for you.
5. Subsidies Families who adopt children in the US with special medical, emotional, and/or developmental needs; older children; or members of a sibling group, may be eligible for an adoption subsidy from federal and state governments. To find out more about state tax credits, go to http://www.state.ga.us
6. Dependency Exemption - Tax Savings Adoptive parents may take the same dependency exemptions on their income taxes for children placed with them for adoption, but not yet finalized. This exemption reduces your taxable income.
7. For more information - The National Endowment for Financial Education The National Endowment for Financial Education (NEFE) has prepared a 78-page booklet, 'How to Make Adoption An Affordable Option' to instruct adoptive parents about the range of financial assistance options that may be available. The booklet is available at no cost through NAIC, or you may download the booklet at the NEFE website at http://www.NEFE.org/adoption/default.htm.
8. Donations from churches and community groups Some families have received financial help toward their adoption expenses from their faith communities and/or other civic organizations in their local area. You could also try conducting your own fundraising campaign.
We strongly recommend that adoptive families consult a tax or legal professional.
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 ADOPTION OPTIONS, INC. 3006 Clairmont Road, Suite 107 Atlanta, GA 30329 Tel: 678-302-1947 Fax: 404-315-1718
ELECTRONIC MAIL General Information: info@adoptionoptionsinc.org Adoption
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Send mail to
valerie@adoptionoptionsinc.org with questions or comments about
this web site.
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