Adoption Financial Assistance
If you have chosen to pursue an international adoption, you may wish to see if there is some kind of financial assistance to help complete that adoption.
Below are several options for those families hoping to find help in meeting their adoption costs.
Bank Loans
The National Adoption Foundation provides low-interest loans and grants to needy applicants. These are specially developed to help with the high costs of the adoption process. This loan is through Nations Bank and adopting parents may borrow from $2,500 to $25,000 at a competitive interest rate.
Call 1-800-448-7061 for more information. First Union Bank in Washington, D.C. has a new loan program for adoptive families as well, call 888-314-5437. MBNA American also has an adoption program; call 800- 892-8349.
Foundation
A Child Waits Foundation provides adoption loan assistance by offering low interest loans to prospective parents to help them bridge the hurdle of the high cost of adoption. Eligibility is based on financial need. You may contact A Child Waits Foundation, Providing Adoption Loans at:
1136 Barker Rd., Unit 12, Pittsfield MA 01201 (413) 499-3992, Fax (413) 499-2338 or achildwaits@poboxes.com
TAX CREDIT - HOPE FOR CHILDREN ACT HR1836 sec. 202
Effective January, 2002 the federal government allows for a tax credit of up to $10,160 per adopted child. The credit can be claimed on your federal tax return for the year in which the adoption becomes final. The credit is a dollar for dollar reduction in tax liability. For families making less than $150,000 per year in adjusted gross income, they are eligible for the full $10,160 tax credit. For families making over $150,000 in adjusted gross income the amount is reduced. Singles are equally eligible for the same tax credit. For more information regarding this law, you can visit the IRS website at: www.IRS.gov, and type in Topic 607 under search. To obtain IRS Publication 968 “Tax Benefits for Adoption” go to: www.irs.gov/pub/irs-pdf/p968.pdf
Employee Benefits
Many companies, large and smaller, now offer adoption benefits to their employees. Those benefits may be financial reimbursements for fees paid during the adoption or just parental leave for adoption. You should always check with your companys human resources department to see if they offer these benefits and contact us to add them to the list below. For a list of employers offering benefits go to the National Adoption Center, National Adoption Information Clearinghouse (NAIC) website: www.calib.com/naic.
Creative Methods
Many families have come up with very creative methods in raising money to help their adoption efforts. Often their churches, or community organizations will help them. Some have garage sales or fund raising events of some kind within their community. Many refinance their homes or cars to raise enough money and many have family members who will offer to help them.
Military Non-Recurring Program
There is a one-time subsidy for full-time military personnel. Adopting couples or singles can receive up to $2,000 per child or $5,000 for siblings for adoption related expenses. Eligible military personnel would need to complete DD Form 2673 (Reimbursement Request for Adoption Expenses).
See Defense Finance and Accounting Service Instruction 1341.1 dated November 5, 1993
