Affording Adoption

financing your dreams of a family.

Many families have to find various means to affording adoption. Through financing, fundraising,(fund-raising),grants and personal funds you can cover your adoption costs and facilitate your family dreams. Choosing a method of adoption often times means looking at the adoption costs.

See why work at home moms love SBI!.

ADOPTION TAX CREDIT The adoption tax credit is a huge incentive provided by crediting your costs against your taxes. Adoption grants, loans and fund raising ideas are here to help motivate to think positively about your adoption financing.
The Adoption Tax Credit is a valuable benefit for adopting families, but one of the most complicated tax law provisions applicable to middle-income families. Parents who finalized an adoption last year may claim a maximum credit of $11,390 for adoption expenses on their federal income tax returns. The tax credit phases out for taxpayers with high modified adjusted gross incomes. Although the tax credit is set to expire in 2010, proposals to make that benefit permanent have received much legislative support.

Qualifying expenses include necessary adoption fees, court costs, attorney fees, traveling expenses, and other expenses directly related to the adoption. Adoptive parents who plan to claim the credit should file Form 8839, titled Qualified Adoption Expenses, and attach it to Form 1040. For more information and other downloads to required forms, visit the IRS -Adoption Tax Credit.


ADOPTION GRANTS

Start with Adoption grants. These grants range from $2000 - $5000. Because the need for adoption grants greatly surpasses any one organization's ability to fund them all, you will of course want to also invest alternative means. Extensive List of Organizations that offer Grants
Additional Resources for Christian families: Christian Advocates for Adoption
A Child Waits
Gift of Adoption
Shohanna's Hope

EMPLOYER ADOPTION ASSISTANCE BENEFITS

Many employers help their employees when they adopt by reimbursing adoption expenses with a cash benefit of several thousand dollars. My employer offers a $5000 reimbursement of expense including travel. If your employer does not offer this benefit, call Adoption and the Workplace at the National Adoption Center (800-TO-ADOPT) for materials to guide you in requesting this benefit from your employer.



FUNDRAISING

I don't know about you - but outright asking for money from friends and family is really hard. However, doing a fundraiser is much easier for me to stomach. I actually got excited about a couple of these ideas. See what you think. And if you aren't a good planner, ask a friend or family member to support your efforts by coordinating. Adoption Fundraising Ideas - a wonderful inspiring page of ideas to help motivate you to earn the funds for your future child. Even if you aren't a sales person, you can find uses for your hobbies or talents that will help you get closer to your family.
Sample Fundraising Letters. What do say when it's time to ask for help.

LOANS

Some parents use personal or home loans to finance part or all of their adoption costs. There are varied opinions on getting into debt to have a child. BE WISE with your funds! Here are some money saving tips from a loan officer in the mortgage industry for almost a decade.

BEFORE YOU GET THAT LOAN. READ THIS!