There are many avenues families have pursued in raising the funds they need for their adoptions. Community yard sales, special church offerings, and selling items on eBay are just a few.
We encourage you to challenge yourselves to find ways to raise the money you need from within your community of family and friends. They will feel honored to be able to help you become the family of your dreams!
Creative resources and alternatives to make your adoption more affordable.
If you have found that you and your partner are unable to conceive on your own, you may want to adopt, and adoption costs money…potentially, lots of it. Here are some financial tools that you should steer clear of or else the result could be detrimental to your long-term financial profile, and your family.
Adoption can be an expensive process, and many have found that their savings alone will not be sufficient. There are ways that you can do some fundraising of your own to raise the money that you need.
With adoption being a very expensive decision for some families, being able to afford the expense of the process may require additional funding, which in turn, could mean that you or your partner may need to make some major adjustments in your lifestyle to have the money that you need.
Federal Adoption Tax Credit
Parents who finalized an adoption last year may claim a maximum credit of $14,300; 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.
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. For more information on the program, you may click here: Military Reimbursement for Adoption.
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. Find out more about Lifetime Adoption today by clicking here.