Tag Archives: adoption tax credit

Adoption Tax Credit

Many people who hear how expensive adoption is do not realize what a dramatic difference the adoption tax credit makes. The tax credit for adoption is $10,000. This is not a deduction where you deduct adoption expenses from your taxable income. This is an actual credit, meaning you pay less money in taxes. For most people, that means you will be getting quite a refund! This one-time tax credit is available to those who adopt internationally as well as those who adopt US infants or US children in foster care, unlike the ongoing monthly subsidies for medical or psychological care … Continue reading →

The IRS Adoption Tax Credit and Special Needs Adoption Information

Families who add babies biologically usually have medical insurance and no major worries about the cost of the actual birth. Adoption on the other hand, is not an insured situation and families frequently need to consider what the total cost of adoption will mean to their finances. Adopting privately or internationally can vary widely on the overall costs depending on the agency and other factors included. Adoption of a baby or child from the foster care system typically costs nothing. In some cases there may be a few associated fees when a family chooses to have their home study done … Continue reading →