My husband and i are thinking of apopting...we are pretty much clueless about the whole process except for ...

Question

except for research online...we are a little discouraged b/c adopting can be so expensive!!...does anyone know how much money you recieve for adopting a child on taxes?....my husband and i love kids so much we have 3...but i have always wanted to adopt!!!!..wish the process didnt take so long!!

Answer 1

I assume you are American?  I forget the exact amount, it is roughly $10,000 (maximum).  Please note that you will have to pay all expenses up front.  After the adoption is finalized you will receive a larger federal income tax return than otherwise.  Your income tax liability cannot be less than zero, so if your tax bill is less than $10,000, you take the tax credit over a maximum of five years.

Answer 2

You didn't say what type of adoption you are looking into. Domestic newborn adoption and international adoption can be very expensive and the tax money you receive back is actually a tax credit, meaning you only get back part of the taxes you actually pay. Its up to $10,500 but it depends on the amount of taxes you pay, not a set amount.

If you are interested in the US foster program, adopting a foster child who needs a family can be very inexpensive, sometimes free. You may even be eligible to a monthly stipend paid to you if you adopt one of these children.

My main suggestion since you said you are "pretty much clueless" is to do some research on ethics, corruption, adoptee grief and loss, first parents grief and loss, raising an adopted child, and other deeper issues aside from the costs and length of the process. You will be doing yourself and the child a huge favor by doing lots of research on these issues!

Good places to start are http://www.informedadoptions.com, http://www.ethicanet.org, http://www.soulofadoption.com, http://www.adultadoptees.com and http://www.originsusa.org/index.htm

Answer 3

I would highly recommend Adopting from Foster Care. I am  foster parent who has adopted a child I got him at 5 days old & adopted him when he was 15 months. There are so many benifits of adopting this way. Ask your local children & family department when the next MAPP classes are and see if it's for you. Tell them you are interested in Fostering to adopt. My son is beautiful & healthy and he has changed my life forever. I love him so much!!!!!

When you adopt a foster child you will recieve a monthly subsidy, medicade, & in my state a 4 college tuition. You can adopt knowing you will be able to provide the best care & give a child a great future! Best of luck!

Answer 4

well good luck with that ...

Answer 5

It is expensive and long process. I can't belive that it is and others are saying there are to many children out there that need adopted. It doesn't make sense to me. But maybe the way I see it, is people only want baby's and little children not older. So that would maybe make sense. Good luck and hope you can help out a child!

Answer 6

You get a tax credit for like $10,500.00 that is useable over a 5 year period.

If you are concerned about costs, try foster-to-adopt. That is much less expensive and there isn't travel involved. Plus, I believe while you foster you get a subsidy from the state. Check it out in your state. Good luck.

Answer 7

There is a $10,000 tax credit. Which can be taken out over 5 years if necessary. Also you can look into fostering to adopt or public adoption. Check with employers to see if they have an adoption reimbursement plan... for part of the fees.

Answer 8

I just adopted my daughter out of foster care . She's 2 - She's lived with me since she was 5 weeks-old.  I'm also in the process of adopting my other foster daughter who just turned 1, and has lived with us since she was 2 days-old.                        

1) County does free home study.

2) An adoption attorney is assigned to you for free by the county

3)or you can hire your own private attorney to finalize the adoption.

4)A certain amount of your attorney's fee can be reimbursed by the county

5)The child qualifies for a stipend regardles of your income.

6)The child gest free health/dental/vision insurance (medi-cal) until he/she is 18.

Contact your local Children and Family Services

Best of all,  I LOVE MY KIDS, and I know they love me back!

Answer 9

Find an adoption counselor. To me that is the best source to figure out what kind of adoption will work for you and your family. For domestic adoption you can choose private adoption or going through an agency. Both have advantages and disadvantages. In my opinion a private adoption offers more control for both the birth mother and adoptive parents. Then of course there's the decision of newborn or older child. And an open or closed. That you have to be willing to work out and honor with the birth mother. You also need to find out the specific adoption laws of the state the adoption will take place. All states are different.

The adoption process is not a generic template. There are many things to consider for your family, the child , and the birth parents. The cost can vary depending on how you go about it.

Unless things have changed in the last 10 years the tax credit is allowed up to a certain income level. If your income level is more than the cap then there is no credit.

Costs can vary for each adoption circumstance. Counseling to learn your options is money well spent.