Reducing The Costs Of Adoption

Adopting is very fulfilling for both the adoptive parents and the child. However, it does not come without its costs. Adults who think they are unable to afford the cost of adopting should explore some of the available cost-cutting resources. Federal, state, and private sources offer ways for adults to defray the costs of adopting a child.
With the tax year that an adoption is finalized, a tax credit is offered by the Internal Revenue Service. For 2011, the maximum tax credit for child is $13,170 for individuals whose modified adjusted gross income (MAGI) is less than $182,180. Those whose MAGI exceeds this amount but is less than $222,180 are entitled to a reduced tax credit.
Several states offer state tax credits to adults adopting children from within the state child welfare system. To learn more, contact a state adopting specialist. Those who adopt children from the U.S. public foster care system are often entitled to state or federally-funded adoption subsidies. Medical conditions of the child may qualify for Social Security Income payments and Medicaid coverage.
Special needs children may be entitled to an ongoing adoption subsidy for treatment or therapy. This should be negotiated with the placement agency before finalizing the adoptive arrangement. After they adopt a special needs child from the public child welfare system, adults may be able to receive reimbursement of expenses like attorney fees, travel costs, and home study charges. A monetary cap of $2,000 or less is established by each state.
Employers sometimes offer benefits to adopting employees like unpaid or paid leave, partial reimbursement of adopting expenses, and even referral assistance with the arrangement itself. Adoptive families can also apply for a loan through the National Adoption Foundation. Included in the program are unsecured loans and home equity loans, with interest and payments helping other adoptive parents.