Federal Adoption Tax Credit: This tax credit is a dollar for dollar reduction in your overall tax liability. The Adoption Tax Credit is a permanent part of the tax law and increases each year. This credit allows adoptive families to recoup some of their adoption expenses once the adoption is finalized and with qualified adoption expenses. To learn more about the credit go to: Adoption Tax Credit or go to Save the Adoption Tax Credit. The 2023 tax credit is $15,890.
State Adoption Tax Credit: Classified state employees are entitled to a State Adoption Employee Benefit allowing them to receive up to $3,000 per adoption.
Employer Adoption Assistance Benefit: Many employers have adoption expense programs available. Ask your employer about this benefit. A partial list can be found at https://www.davethomasfoundation.org/library/2019-100-best-adoption-friendly-workplaces-list/
A Child Waits: A non-profit foundation offering 5 year low interest loans to families adopting internationally. One child loan amount $7,000, two children $10,000. www.achildwaits.org
Secure Act: The Secure Act established a new type of penalty-free withdrawal (a waiver from a 10% tax) from an IRA or defined contribution plan for adoption expenses up to $5,000 per child
National Adoption Foundation: A revolving loan financing program is available for adoptive families. Call 203-791-3811 for an application. –https://www.fundyouradoption.org
Home Equity Loan
MBNA: Gold Option Loans available for adoption. They are unsecured for up to $25,000. Call 1-888-500-6268
Nations Bank: Low interest loans for adoption 1-800-448-7061
First Union (D.C.): Low interest loans for adoption 1-888-314-5437
401K: Borrow against your 401K.
Wide Smile: (www.widesmiles2.org)
Gift Money: Often family members will give loved ones adopting personal loans or a monetary gift to assist with adoption costs.
Shaohanna’s Hope: www.showhope.org grants to assist adoptive families
The ABBA Fund: www.abbafund.org No interest loans to Christian couples who are called by God to expand their family through adoption.
China Care: www.chinacare.org Grants to American families adoption special needs or older children from China
The Gift of Adoption Fund: www.giftofadoption.org Grants to qualified US citizens who have an approved home study. Average grants $2,000-$5,000.
Dave Thomas Foundation: www.davethomasfoundation.org
Military families: may receive up to $2,000 in financial assistance from the US Armed Forces.
Lifesong for Orphans: Offers matching grants and interest free loans www.lifesongfororphans.org/adGrantLoans.html
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