Adoption is expensive, but MLJ Adoptions believes finances should not stop a child from having a loving family. To help you consider all of your options, we offer an Affording Adoption seminar available in the video below or through a live seminar.
The Affording Adoption seminar addresses the costs of adoption and the opportunities for funding that exist. Our financial resources guide provides a wealth of information on adoption grants, fundraising options, and low or no-interest adoption loans. An overview of the information covered in the seminar is listed below.
- Federal Adoption Tax Credit. The adoption tax credit offsets qualified adoption expenses, making adoption possible for some families who could not otherwise afford it. Taxpayers who adopt an eligible child may qualify for an adoption tax credit. Generally, you may qualify for the adoption credit if you adopted a child and paid qualified expenses relating to the adoption. The amount of the tax credit is as much as $12,970 for 2013 and $13,190 for 2014. Consult with a licensed tax preparer for personalized tax advice.
- State Tax Credits. Some states provide non-recurring adoption fee reimbursements. Contact a licensed tax preparer to inquire for more information.
- Employer Adoption Assistance Benefits. Many employers offer adoption benefits to their employees. Check with your employer’s human resources department to see if they offer such assistance. A list of Adoption-Friendly Workplace Employers can be found on the Dave Thomas Foundation website.
- U.S. Military Reimbursement. Military service members who adopt a child under 18 years of age may be reimbursed for qualified adoption expenses up to $2,000 per adopted child (up to a total of $5,000 if more than one child is adopted) per calendar year. For more information on military adoption support, click here.
- Grants. There are a variety of national and regional organizations that offer grants to adoptive families. Before applying for a grant, it is important to check for grant eligibility criteria and application deadlines. Most grant organizations accept applications after the family has an approved home study and will administer funds directly to the family’s adoption service provider.
- Fundraising. MLJ Adoptions’ clients have raised thousands of dollars towards their adoptions with a wide variety of fundraising ideas, including sales of personalized adoption merchandise, concerts, golf tournaments, and many other efforts.
- Loans. Families may find a loan necessary to cover the full or partial cost of their adoption. Possible loan sources include family, bank loans, private grants or special loan programs.
Don’t let financial fears stop you from pursuing an adoption. There are a tremendous number of resources available to prospective adoptive parents and MLJ Adoptions can help you locate the resource that is right for you.