MONEY TO ADOPT

$ blocksSo you’ve been through the gamut of deciding you will adopt a child. You’ve read the articles, you’ve talked with friends and family, you’ve made some calls (including on your knees maybe), and now you’re ready to move forward. Except that there’s one thing looming over you now…adoption is expensive!

Over the years many people have asked me why adoption is so expensive. Though I have to agree that there are some agencies that seem to be more “out to make a buck” than doing any kind of community service to help children, I do understand some of the costs involved. So, before discussing how to get the money you should understand why you need the money. Here is an article about Five Adoption Fees to Understand.

Now that you do understand what fees you will be paying and for what reason, below are ideas for funding. One word of warning, explore these suggestions before signing any contract. Once locked into a contract, these suggestions can help, but can’t save you, from working with a greedy agency if you’re stuck with one.

Now for the important stuff – the sources!

First, here are 10 sources to check out as you are making your adoption plans: Money For Adoption – the Top 10 Sources

Next, try some of the sources below to see which ones may work best for you. We will try to keep this page updated with new ideas, sites and information as we can!

[divider]

 The Federal Adoption Tax Credit

The federal Adoption Tax Credit has improved and now is a protected IRS credit as of Dec. 2012. This law was included in the Health Care Reform bill which became law on March 22, 2010. This tax allows a maximum credit up to $13,360 per eligible child so it’s worth checking into! The credit is helpful for those with an adjusted gross income of up to $225,210 and applies to both domestic and international adoptions and to both special needs and non-special needs adoptions.

Purpose of Form – Use Form 8839 to figure your adoption credit and any employer-provided adoption benefits you can exclude from your income. You can claim both the exclusion and the credit for expenses of adopting an eligible child. For example, depending on the cost of the adoption, you may be able to exclude up to $13,360 from your income and be able to claim a credit of up to $13,360. But, you cannot claim both a credit and exclusion for the same expenses.

Check with your tax accountant or professional for details but this may mean that if your credit is greater than the taxes you owe, the difference will be refunded to you as part of your tax refund.
Qualified Adoption Expenses Include:

· Adoption fees
· Attorney fees
· Court costs
· Travel expenses (including meals and lodging) while away from home, and
· Re-adoption expenses related to adoption of a foreign child


Beautiful Baby Sucking Blanket

National Adoption Foundation – Provides grants and loans – www.nafadopt.org
Shaohannahs Hope – Provides grant assistance – www.shaohannahshope.org
National Endowment for Financial Education – Provides information on how to make adoption affordable www.nefe.org/adoption
A Child Waits – Provides low interest loans – www.achildwaits.org
Help Us Adopt – Provides grants assistance – www.helpusadopt.org
Resources 4 Adoption -www.resources4adoption.com

Adopttogether.org – AdoptTogether.org is a non-profit funding platform helping families raise money to pay for adoption costs.

Adoption Loans – Check with your local bank on the availability of unsecured adoption loans, or how to qualify for a home equity line of credit. In addition, some employers allow loans against 401K plans.


The Federal Adoption Tax Credit

The federal Adoption Tax Credit has been improved and now is a protected IRS credit as of Dec. 2012.  This law was included in the Health Care Reform bill which became law on March 22, 2010.  This tax allows a maximum credit up to $13,360 per eligible child so it’s worth checking into!  The credit is helpful for those with an adjusted gross income of up to $225,210 and applies to both domestic and international adoptions and to both special needs and non-special needs adoptions.

Purpose of Form Use Form 8839 to figure your adoption credit and any employer-provided adoption benefits you can exclude from your income. You can claim both the exclusion and the credit for expenses of adopting an eligible child. For example, depending on the cost of the adoption, youmay be able to exclude up to $13,360 from your incomeand also be able to claim a credit of up to $13,360. But, you cannot claim both a credit and exclusion for the same expenses.Check with your tax accountant or professional for details but this may mean that if your credit is greater than the taxes you owe, the difference will be refunded to you as part of your tax refund.

Qualified Adoption Expenses Include:

·         Adoption fees

·         Attorney fees

·         Court costs

·         Travel expenses (including meals and lodging) while away from home, and

·         Re-adoption expenses relating to the adoption of a foreign child

– See more at: http://crystaladoptions.com/Adoption-Funding.php#sthash.IzNew87n.dpuf

Dave Thomas Foundation – A foundation committed to ensuring that adoption from the foster care system is streamlined,affordable and accessible to any family wanting to adopt. Provides grants assistance & general education. Also provides prototypes for employer assistance programs. 800-275-3832 http://www.davethomasfoundationforadoption.org

AdoptionFinancing – A network of more than 30 different lenders who can help find the right financing for your adoption. http://www.adoptionfinancing.com

Military Subsidies – The military will reimburse active-duty personnel for most one-time adoption costs up to $2,000 per child. http://military.adoption.com

Gift of Adoption Fund – For domestic and /international -$1,000-$7,500. The average is$3,500. There is a downloadable application and a one time only $40 application fee.  http://www.giftofadoption.org

Help Us Adopt – You must have a home study and must not be also pursuing fertility treatments while trying to adopt. There is an online application. http://www.helpusadopt.org/

ETSY – If you are particularly crafty, check out ETSY online which allows you to sell your own handmade goods as a fundraising. If you go to the search bar withing Etsy and type in adoption fundraiser you will also get a look at others who are doing this too!

Planet Green Recycle – Planet Green Recycle helps you raise funds while helping the environment. Recycling empty printer cartridges, old cell phones and small electronics reduces landfill and raises money for your cause!

Baby Looking Upwards


HANDinHAND Christian Adoption, Inc. is a 501 (c)(3) private operating foundation formed in September of 2007 to help children become part of “forever” families. They say, “We knew that we didn’t have the resources to help people in the way they needed so we chose to enlist the help of both supporters of HANDinHAND and the family and friends of adoptive couples. Our individual resources are limited, but together, each one doing our part, we can make a huge impact in helping children become part of ‘forever’ families.”

Know some others we haven’t mentioned and want to help other families adopt?  Let us know so we can add them to our page!