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FINANCIAL
ASSISTANCE OPTIONS
FEDERAL TAX CREDIT - NEW REFUNDABILITY:
In
the past, the adoption tax credit was not
refundable, which meant that your ability to
take advantage of the credit was affected by
your tax liability. If you could not
use the credit the year you finalized, you
could carry it over for up to five
years. In 2010 the credit became
refundable, so adopters in 2010 and 2011 can
use the full credit regardless of their tax
liability. Those who adopted from 2005
to 2009 can carry the credit forward into
2010 so they can benefit from this
refundability. The maximum adoption
credit increased to $13,170.
See:
www.nacac.org/taxcredit/irsletter.pdf
www.nacac.org/taxcredit/forms
www.irs.gov/publications/p17/ch37.html
www.irs.ustreas.gov
Click on Individuals then type in
“adoption credit” and do a search.
STATE TAX CREDIT:
In addition to federal tax credits, many
states offer some type of tax credit or
deduction for adoption. Contact your state
Division of Family Services and State Tax
Office to ask about your state’s credit or
to find out if you qualify for any state
subsidy programs.
MILITARY:
If you are on active duty in the military,
you may be eligible for reimbursement of
some adoption expenses. Check with
appropriate base personnel for information
and also check out Adoption.org and
type in the search words “adoption subsidies
military”.
BANK AND CREDIT UNIONS:
Check with your bank or credit union as a
resource for home equity loans, second
mortgages, etc.
WAITING CHILD ASSISTANCE:
Special considerations can be made on a
case-by-case basis for specific waiting
children. These children can include those
with moderate to significant medical
conditions as well as some older children
and large sibling groups. Reductions are
made on the overall fees for families who
qualify financially. Costs to travel to the
child’s birth country will still apply.
GRANTS AND LOANS:
A Child Waits Foundation
Telephone: 866-999-2445
(866-999-child)
FAX: 518-794-6243
Email for General Information:
cnelson@childwaits.org
Website:
www.achildwaits.org
Postal Address: 1136 Barker Rd., Pittsfield,
MA 01201
A Gift of Adoption Fund, Inc.
Telephone: 1-877-905-2367
Email:
info@giftofadoption.org
Address: P O Box 567, 2001
Waukegan Rd 5th Floor, Techny
IL 60082
Lifesong for Orphans:
www.lifesongfororphans.org Christian
based, provides matching grants, fund
raising assistance.
ABBAFUND:
www.abbafund.org Provides no
interest loans for Christian adoptive
families, intended to be a last means of
financing.
Helpful Websites:
www.affordingadoption.com sites various
resources
www.brittanyshope.org/financial.html |
