If you want to adopt a child, one of your main questions may be whether you can afford it. Of course, that can vary depending on each person’s circumstances and the organization the child is adopted through. However, there are some things that can help you estimate the cost.
There are four kinds of adoption including international, foster care, private and domestic. On average, an adoption costs between $25,000 and $35,000, but since that’s an average, it’s possible to spend much more or much less depending on the agency.
Each agency should be able to give you a breakdown of its expenses and the fees you’ll need to pay. It may be a good idea to work with a fixed fee plan, so you know exactly what you’ll pay no matter how long it takes to have the adoption go through.
If that seems like a lot of money, you’re not alone in that thought. Since adoption costs so much and is also needed, the government does provide some assistance programs to help. The adoption assistance programs can help you pay for the adoption, while the adoption tax credit helps you get money back on your tax return to help offset the expenses you’ve accrued.
In 2014, the adoption tax credit was $13,190 per child, so any qualified expenses up to that limit would be credited to your tax return. That can help you save a significant portion on the adoption, so you have more money to spend on your new family member and your needs. If you have more questions, your attorney can help you look at how you can get financial support for your adoption.
Source: Adoption.com, “How Much Does it Cost to Adopt a Child? A Guide.,” Jeanette Green, accessed June 16, 2017