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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

 

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