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Financial
Options To
Help With Adoption Costs
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| ASIA'S
Adoption Credit |
- ASIA
Special Credit: Families adopting a second (or more)
child through ASIA or families adopting a Special
Needs child through ASIA, will receive a $500 credit
for that adoption. The credit will be reflected in
the referral home study fees. If a family is adopting
an additional child that also happens to be a Special
Needs child, at this time only the one $500 credit
applies.
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Government
Aid |
- $10,000
Tax Credit: This $10,000 tax credit, called "Hope
for Children Act", went into effect on January
1, 2002. All finalized adoptions, including international
adoption, qualify for this tax credit in the year adoptions
are finalized. If your income is $150,000 or less,
you will qualify to receive the entire tax credit.
If your income is between $150,000 and $190,000 you
may qualify for a partial tax credit. Please refer
to the "Hope for Children Act". website for
more information. http://www.hopeforchildren.org/10k-tax-credit.htm
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Corporations
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- Employer
Contributions- Check with your Human Resources department
to find out if your company offers benefits to defray
some of the adoption costs.
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Loans
and Other Resources |
- National
Adoption Foundation Loan Program
Offers a private, unsecured credit line of up to $25,000 for families
that qualify. Option of up to 84 months to repay loan amount. Please
see NAFA website
for details.
- Gift
of Adoption Fund
- Home
Equity or Refinancing of Home
This option usually offers the lowest percentage rate. Interest on
the loan is usually tax deductible.
- Private
Loans
You may be able to get a special loan through your own financial
institution. Talk to your banker to learn more.
- Retirement
Borrowing
It may be possible to borrow from your retirement account and then
repay yourself with interest. Check with your retirement plan to
find out.
- Employer
Paid Adoption Assistance
This option is also tax free, but this option begins to phase out
once a family's annual income reaches or exceeds $150,000.
- Insurance
It may be possible to borrow from the cash value of your life insurance
policy.
- Low
Interest Loans
Some
banks offer low interest loans for adoption or credit
lines for adoptive parents.
- National
Adoption Foundation
They offer adoption grants and both home equity and unsecured low
interest loans.
- Religious
Organizations
Many church congregations may be happy to help raise money or organize
fundraisers to help a church member cover adoption expenses.
- Relatives
Some of your extended family may be happy to have an opportunity
to help with some of the adoption costs.
- Lifestyle
Alterations
-Talk with your health insurance company to see if they offer maternity
benefits for adoption.
-Refinance your house or car.
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