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 families hoping to find help in meeting their adoption costs.
Grants and Loans
When looking for financial assistance to help reduce the cost of international adoption, there are many organizations that can help. Knowing a little about the types of assistance and what you need to apply can make this process easier and more successful for you.
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.
Many companies, large and small, 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 company’s 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).
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