*This information is intended for reference use only, Act of Love has no affiliation with the below mentioned parties.*
The Adoption Tax Credit
The Adoption tax credit can give families a $10,000 tax write-off for adoption expenses. Please check the Tax Benefits for Adoption Information (.pdf) and the 2003 Tax benefits summary (.pdf) both by the IRS.
Military Adoption Credit
Military personnel can receive up to a $2,000 reimbursement for adoption expenses. Contact your military branch for information.
Corporations/Employment
It is estimated that more than 30% of employers now offer adoption financial assistance or are willing to assist if they are approached. Contact your supervisor or human resources department and ask if they offer an adoption financial assistance program. If they do not, ask if they will assist you personally, let them know to contact the IRS to receive a tax write off for the money they donate to your adoption. Many have tried this and succeeded! Government agencies usually provide this service. Check http://www.benefits.adoption.com for a list of major corporations that offer adoption assistance to employees.
Health Insurance
Double check your health insurance policy. Laws require most insurance policies to cover an adopted baby’s medical costs. Most insurance plans also reimburse adoption costs from $2,000-5,000. If you don’t know if you qualify, call and ask.
Adoption State Subsidy
Visit http://www.nacac.org to see a list of all states. Some states offer a subsidy, usually for special needs children. The definition of ’special needs’ varies between states.
Adoption Grants
Chance for a Child – http://www.i-a-a.org/chanceforachild.htm
Offers grants based on financial need.
Gift of Adoption – http://www.giftofadoption.org or 1-877-905-2367
Offers grants based on financial need. If money is the only thing holding you back, make sure you emphasize this in your application so you receive priority.
National Adoption Foundation Grant – http://www.nafadopt.org
Offers grants based on financial need.
Ours By Grace Grant – http://www.oursbygrace.com
Offers loans based on financial aid.
Adoption Loans
MBNA Gold Option Adoption Loan – 1-800-626-2760
Offers a loan for adoption with competitive interest rates, up to $20,000.
MBNA Adoption Foundation Credit Card – 1-800-932-2775 code AF2R
Offers a credit card with a fixed competitive interest rate, up to $20,000.
Credit Card Application Center
A comprehensive credit card center that you can easily compare different credit cards.
This information is intended for reference only. Because each individual case is different, you must do some research on your own. This is a new program for A Act of Love, we encourage feedback from these different sources. Please notify us of any other sources that you come across that we can share with future families who wish to adopt. We hope this information will be helpful.
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