Christian Family Care believes that birth families and families called to adopt should not be held back by financial barriers. The programs below allow supporters to help fund adoptions, support adoptive parents, and support birth moms. Once you begin the process, we will share more information about tax credits, grants, and other ways to help fund your adoption.
The federal adoption credit provides significant and important savings for all but the wealthiest families. While it’s not refundable, the credit can be carried forward for up to five years, too—which may significantly reduce your tax burden over time.
There’s also an Arizona Adoption Expense Deduction that you may qualify for based on your adoption expenses.
In either case, you will need to speak with your tax professional. * To learn more, please visit the North American Council on Adoptable Children’s tax credit page.
Many companies offer adoption benefits to their employees. These often include unpaid leave and direct reimbursement up to a certain amount upon placement.
If your employer does not currently offer adoption benefits, ask about their availability: You may be able to convince your company to offer them. Your employer may also have an Employee Assistance Program (EAP). This benefit helps employees deal with unusual personal situations or problems.
The National Adoption Foundation distributes grants to adoptive parents four times a year.
They also provide adoption loans. While it’s not ideal to borrow money, adoptive families may find a loan necessary—especially if they’re waiting on a tax credit or employer reimbursement to make ends meet.
Additionally, some banks offer low-interest loans or credit lines for adoptive parents.
If you have further questions, please contact us.
* Disclaimer: The above information is meant to serve as a basic understanding of the federal adoption tax credit and Arizona adoption expense deduction. This summary does not constitute personal tax advice to the reader and is only offering general information. You should seek professional advice for your own situation as the most appropriate tax planning depends on your personal circumstances.