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- Federal Adoption Benefits
For 2009, the maximum adoption credit has increased to $12,150. Also, the maximum exclusion from income for benefits under your employer’s adoption assistance program has increased to $12,150. These amounts are phased out if your modified Adjusted Gross Income (AGI) is between $182,180 and $222,180. You cannot claim the credit or exclusion if your modified AGI is $222,180 or more.
http://www.irs.gov/formspubs/article/0,,id=177982,00.html
- Federal Child Tax Credit
With the Child Tax Credit, you may be able to reduce the federal income tax you owe by up to $1,000 for each qualifying child under the age of 17. The credit is limited if your modified AGI is above a certain amount.
The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status:
- Married Filing Jointly $ 110,000
- Married Filing Separately $ 55,000
- All others $ 75,000
- Military Adoption Assistance
Eligible Soldiers serving on active duty may be reimbursed a maximum of $2,000 per child for qualifying expenses related to the adoption of children under age 18, up to a maximum of $5,000 per calendar year for multiple adoptions.
http://myarmybenefits.us.army.mil/EN/Benefits/FactSheets/Adoption.Assistance/FactSheet.aspx?articleId=4e5db129fa364117be6deac799eb396f
- State Tax
Some states will also offer state level tax assistance for adoption. Be sure to check with your tax advisor since tax laws change.
- Employer Assistance
Hundreds of employers of every size and industry offer adoption benefits for employees. Employees may be eligible for paid leave and reimbursement. Be sure to check with your human resources department to see what your employer offers.
- National Adoption Foundation
The Foundation offers aid to families for expenses associated with the adoption and raising of children through direct grants, the NAF adoption credit card and unsecured loans.
http://www.nafadopt.org
- Gift of Adoption Fund
The Gift of Adoption Fund (GOAF) is a national charitable organization. Any US citizen adopting from anywhere in the world who has an approved home study from a licensed agency or social worker is eligible to apply for a grant. Financial need and personal commitment toward financing a significant portion of the adoption cost must be demonstrated. Grants range in $500-$7,500.
http://www.giftofadoption.org
- HelpUsAdopt
HelpUsAdopt.org is a national non-profit financial assistance grant program that will provide qualified couples and individuals (regardless of race, religion, marital status or sexual preference) with grants of up to $15,000 towards their adoption expenses.
http://helpusadopt.org
- Bank of America
The National Council for Adoption, through Bank of America offers an unsecured line of credit program for adoptions. The line of credit ranges from $1,500 - $30,000 with a 12 -60 month payment term with a rate that is dependent on your credit. The source code for this program is UAAOCM.
Email or call 1-800-FOR-ADOPT in confidence!
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"Our birthmother was more than we ever could have imagined."
- Brian & Ashley
