Other Adoption Financing Help
An article about creative resources and alternatives to make your adoption more affordable. Adoptions can be expensive; running from around $19,000 to $50,000 for home studies, agency fees, legal representation costs, facilitation fees and travel, among other items. What many people don’t realize is that there are alternatives for adoption funding.
Federal Tax Credit
Parents who finalized an adoption last year may claim a maximum credit of $13,460 for adoption expenses on their federal income tax returns. The tax credit phases out for taxpayers with high modified adjusted gross incomes. Proposals to make that benefit permanent have received much legislative support. Find out how you can petition your legislature to keep this tax credit. Qualifying expenses include necessary adoption fees, court costs, attorney fees, traveling expenses, and other expenses directly related to the adoption. Adoptive parents who plan to claim the credit should file Form 8839, titled Qualified Adoption Expenses, and attach it to Form 1040. For more information and other downloads to required forms, please visit the IRS website by clicking here.
The military has resources for adoptive families not available elsewhere. Active Military Families are eligible for a one-time adoption assistance subsidy program of up to $2,000 per child or $5,000 for sibling groups. These reimbursements and benefits are provided to single or married adopting parents, and can be used for domestic or international adoptions.
Adoption Information and Interviews
Let’s Talk Adoption is a weekly internet radio show that has interviews with families, adoption professionals, and attorneys, many of which discuss financing and saving money. Research their site for more ideas of sourcing the funds for you adoption: Let’s Talk Adoption
Nationwide Adoption Services
Lifetime Adoption is focused on domestic adoption, working across the United States. Lifetime Adoption does more than most adoption agencies since our focus is facilitating adoption instead of home studies and the legal aspects of adoption. We work hard to support both the birth mother and the adoptive family as we collaborate in the best interest of the child. We work closely with both adoption attorneys and adoption agencies to offer full adoption services.
Visit Lifetime Adoption today by clicking here.
Adoption Home Study Report
Access a special free report that explains the adoption home study requirements and answers the simple question, “What is a home study?” In this free report, you’ll learn:
- What a home study is, and what it isn’t.
- The one main reason people can’t pass a home study.
- Key tips for home study preparation.
- Easy ways to make your home study provider feel at ease in your home.
- What to expect when the social worker comes to visit.
- …and much, much more!
Visit www.AdoptionHomeStudyReport.com to get this FREE special report!