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Federal/State
Assistance
The
US federal government now offers an Adoption
Tax Credit of $10,000 to
all adoptive families on qualifying expenses paid for
a child's adoption. For more information on the federal
adoption tax credit, Federal
Publication #968 - Tax Benefits for Adoption to
receive this free publication from the IRS website.
In addition, many states offer
adoption tax credits or an income tax deduction for
families who are adopting a child. Please
check with a local tax accountant for possible tax credits
and/or tax deductions available to you from the state
in which you are residing.
Also check: www.AdoptionTaxCredit.com
- Information and support on
the adoption tax credit.
Military, Nonrecurring Program
There is a one-time subsidy program
available for full-time military personnel. Currently
adoption couples or singles can receive up to $2000
per child or $5000 maximum for siblings. Many military
personnel do not know this is available to them.
Military families are entitled to adoption benefits
of up to $2,000 a year for reasonable and necessary
expenses associated with adoptions finalized after October
1, 1990, whether they are infant adoptions, inter-country
adoptions, or adoptions of children with special needs.
The benefits cover the following:
- Public and private adoption fees
charged by an agency in a foreign country;
- Placement fees, includes fees
charged to adoptive families for counseling;
- Legal fees, includes court costs,
in connection with services that are unavailable to
military personnel through their legal assistance
office;
- Medical and hospital expenses
of a newborn; and
- Medical expenses incurred by a
birthmother.
- Benefits are paid after an adoption
is finalized, and this applies to both singles and
couples.
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http://www.militaryadoption.com/
Please contact your specific
branch of the military for more information or download
the following NMFA
Adoption Fact Sheet from
the National Military Family Association.
The Federal Consumer Information Center in Pueblo, CO,
has created the free booklet "How
to Make Adoption an Affordable Option" for
prospective adoptive families. The booklet lists dozens
of organizations, internet sites, and other resources
where you can find more information and assistance on
adoption. You can download a copy of the booklet by
clicking the link above or by ordering the booklet through
their FREE
Consumer Information Catalog.
Many States offer extensive
tax credits – up to $10,000.
To find out about your state
tax credits, try the web using the address: Contact
your state Division of Family Services and State Tax
Office to ask about your state’s tax credits for
adoption or to find out if you qualify for any special
state subsidy programs. A
Checklist on Title IV-E Adoption Assistance and State
Adoption Subsidies for Adoptive Parents
Nonrecurring Federal Adoption
Program
This is a one-time federal adoption
program, administered by the states, and includes foreign-born
children adopted by US Citizens. State Reimbursement
A reimbursement for non-recurring adoption expenses
(agency fees, legal costs, and transportation) is available
through each State for families who adopt children with
special needs (children from minority cultures). Half
of the expenses are paid through State funds, the other
half through federal funds up to $2,000. The benefit
differs by State depending on the cost of the adoption,
State rules, and public awareness. Reimbursement
for Non-Recurring Expenses
Dependency Exemption - Tax Savings
Click here to check out:
Dependency
Exemption
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