Adoption Is Affordable
For couples who want to adopt but are concerned about the cost, we have wonderful news! Adoption is affordable.
Adoption Tax Credit
Perhaps the most important factor that makes adoption affordable today is the Adoption Tax Credit of up to $10,390 that is now available to assist with qualifying adoption expenses. The adoption credit is an amount that you subtract from your tax liability. Families with Adjusted Gross Income of more than $155,960 will receive smaller credits or perhaps no credit. In addition to the Adoption Tax Credit, there are organizations that provide adoptions assistance, including Bethany, and a variety of other useful information that can make adoption an affordable option for just about everyone who really wants to adopt. For more information on this tax credit, please visit the IRS Website: Adoption Credit.
Family First Loan
Through West Michigan Community Bank, Bethany offers a low-interest loan if you need to borrow money until you receive your tax refund. You won’t find a more affordable loan option because Bethany pays the loan processing fee for you and underwrites a portion of the interest expense. Plus, your payments are lower than those associated with more conventional personal loans because you only pay interest on the principal balance each month, with the principal balance being a repaid in a lump sum by the loan maturity date (when you receive your tax refund). To learn more about the Family First Loan, call 1-800-664-1778 or visit www.wmcb.com.
Adoption Opportunity Fund
Grants of up to $5,000* are available to provide service fee support based on the financial need of
families. This support is available only to families in the Southern Illinois area. To learn
more about the Adoption Opportunity Fund, contact Bethany in Columbia, Illinois at 618.281.5959.
* Support for the Adoption Opportunity Fund is contingent upon grant funding.
Many children who are in foster care are awaiting adoption. This form of adoption generally requires no adoption fees and a support subsidy from the state may be available to the child until he or she turns 18.
Bethany provides the information on financing adoption for your information and consideration. We do not endorse or recommend any particular organization, fund, or foundation.
We do recommend you make an assessment of their services and costs. Additionally, we recommend you consult your tax advisor, accountant, or attorney for more information, including possible state credits.
If you would like to speak with someone regarding financing adoption, please call us at 618.281.5959, or fill out our contact form. For more details on foster care adoption, please contact the Illinois Department of Child and Family Services at 800.572.2390.
