Posts Tagged ‘adoption’
Adoption Loans & Resources
Posted on: June 8, 2010
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Loans & Resources
Loans are one way to pay for some or all adoption costs. You can talk to your bank about home equity or line of credit loans. While loans do require repayment, there are resources that can help you with that once your adoption is finalized, such as the Adoption Tax Credit.
We want to help make your dream of adoption come true by providing resources and information about mortgage-based loans, credit cards, and other financial resources. Read the rest of this entry »
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The Adoption Tax Credit is now $13,170.00!! Parents whose adjusted gross income is under $182,520 will qualify for the entire $13,170.00 . Parents whose incomes are between $182,520 and $222,520 will qualify for a partial credit that is prorated. If you earn over $222,520, you are in the upper income bracket in the United States and do not qualify for the credit. While most adoptive parents will still find they have to pay substantial sums of money prior to the adoption, once completed, the credit should relieve some of the financial burden for most parents!
Affording Adoption
Posted on: June 7, 2010
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Did you know that it has become extremely LESS expensive to adopt a baby? That is because the Federal Government has created the adoption tax credit for adoptive parents.
Basically, whenever you adopt a baby, the government will pay you up to $13,170. This is in the form of a tax credit, and is fully refundable on your federal taxes.
From IRS.GOV:
You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child (including a child with special needs). The adoption credit is an amount subtracted from your tax liability. For expenses paid prior to the year the adoption becomes final, the credit generally is allowed for the year following the year of payment. A taxpayer who paid qualifying expenses in the current year for an adoption which became final in the current year, may be eligible to claim the credit for the expenses on the current year return, in addition to credit for expenses paid in a prior year. The adoption credit is not available for any reimbursed expense. In addition to the credit, certain amounts paid by your employer for qualifying adoption expenses may be excludable from your gross income.
So there you have it. Start the adoption process today by filling out this free adoption application.
Adoption Tax Credit Info 