One of the main reasons I'm blogging through our adoption journey is so that maybe one day someone who is reading it will consider it for themselves.
One of the first things everyone wants to know but nobody ever wants to ask is how much it costs to adopt. You know...it's rude. Right? It's just one of those things you don't ask people. However my friends, almost every friend of mine who has adopted or is in the process of adopting have had open conversations with me about how on earth are we all going to pay for it. What path are we each taking to get the money out there to make it happen? It is NOT cheap. If you were curious (or nosey :-P) enough you might have already pulled up our agency website and seen the fees for our program. They run about $21,000. No, I don't have an extra $21,000 sitting around to pay for an adoption. 99% of my friends don't either. There, I said it.
On average adoption costs will run anywhere from $10,000-$30,000+. They can be flat fees or sliding scale. They can include Birth Mother expenses or not. They just flat out vary. People finance cars all of the time that cost just as much but they enjoy them for far less of a time!
There is currently an adoption tax credit of $12,150. Did you know that? However, this is unfortunately set to expire/sunset on December 31, 2010 and default to $5,000 unless Congress decides to pass H.R. 213. This is currently assigned to a house committee. I would like to think that surely it will be passed, but you just never know. It's way down on the committee list from this health care reform stuff going on!
Now, this credit is only for after your adoption is finalized, so you still have to get to that point first (no, when you get your baby/child placed with you is not when your adoption is finalized...it does go on for several more months.)
So...there are wacky things you can do to pay for an adoption. Others not so wacky. Some people have equity in their home, some in their savings, stocks to sell, a tax return, bonuses, a part-time job to work, loans, garage sales, grants, fundraisers, tightening your budget, puppies to sell, paypal to use with their credit cards to pay the agency that won't take credit cards but will take a check, etc.
SO...
While adoption is not cheap, it is doable. I'm sure Dave Ramsey doesn't appreciate me telling people to take out a loan, but if it's something you want to make happen have some faith that God will help you get through it. If you wait until you have that much money sitting around it probably isn't ever going to happen. If it's something you want to help someone else do you can give to an organization that helps take the financial burden off of those families. You can also pray for those families who are working through it all that God will provide a way ...and a home for a child who needs one.
===edit===
There are also several companies who offer adoption benefits. Some, even the US military, will assist in the costs up to a few thousand dollars.
One of the first things everyone wants to know but nobody ever wants to ask is how much it costs to adopt. You know...it's rude. Right? It's just one of those things you don't ask people. However my friends, almost every friend of mine who has adopted or is in the process of adopting have had open conversations with me about how on earth are we all going to pay for it. What path are we each taking to get the money out there to make it happen? It is NOT cheap. If you were curious (or nosey :-P) enough you might have already pulled up our agency website and seen the fees for our program. They run about $21,000. No, I don't have an extra $21,000 sitting around to pay for an adoption. 99% of my friends don't either. There, I said it.
On average adoption costs will run anywhere from $10,000-$30,000+. They can be flat fees or sliding scale. They can include Birth Mother expenses or not. They just flat out vary. People finance cars all of the time that cost just as much but they enjoy them for far less of a time!
There is currently an adoption tax credit of $12,150. Did you know that? However, this is unfortunately set to expire/sunset on December 31, 2010 and default to $5,000 unless Congress decides to pass H.R. 213. This is currently assigned to a house committee. I would like to think that surely it will be passed, but you just never know. It's way down on the committee list from this health care reform stuff going on!
Now, this credit is only for after your adoption is finalized, so you still have to get to that point first (no, when you get your baby/child placed with you is not when your adoption is finalized...it does go on for several more months.)
So...there are wacky things you can do to pay for an adoption. Others not so wacky. Some people have equity in their home, some in their savings, stocks to sell, a tax return, bonuses, a part-time job to work, loans, garage sales, grants, fundraisers, tightening your budget, puppies to sell, paypal to use with their credit cards to pay the agency that won't take credit cards but will take a check, etc.
SO...
While adoption is not cheap, it is doable. I'm sure Dave Ramsey doesn't appreciate me telling people to take out a loan, but if it's something you want to make happen have some faith that God will help you get through it. If you wait until you have that much money sitting around it probably isn't ever going to happen. If it's something you want to help someone else do you can give to an organization that helps take the financial burden off of those families. You can also pray for those families who are working through it all that God will provide a way ...and a home for a child who needs one.
===edit===
There are also several companies who offer adoption benefits. Some, even the US military, will assist in the costs up to a few thousand dollars.
5 comments:
With an ET adoption, it is technically finalized in Ethiopia when you pass court...so you can use that as the date the adoption took place for tax refund purposes. I've heard of many people submitting thier taxes, waiting for a ss# for their new child(ren), the amending their taxes to include the tax credit forms...and considering the 2010 deadline for that $12K credit, this is probably something we'll be doing too.
Jennifer that's awesome. I actually wondered if that was the case since they are finalized in ET before bringing them back to the US and was on my 'to ask' list. I did know that while we were pursuing domestic adoption that we had to wait until it finalized about 6 months after placement. Well here's to us praying for a 2010 court date!!
Good info. Jen, would you take a few minutes to elaborate about the tax credit on your blog. I think you've maybe mentioned it before but I haven't thought much about it. I just assumed that we'd be okay cause we plan to bring our little guy home this summer. But in terms of filing our taxes, it will be after that deadline. Hmm.
Lifetime with a child who will bring your family great joy...priceless
Amen to that, Katie!
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