| |
Funding Adoption in Guatemala
A Guatemala adoption is not an inexpensive process. The foreign country fee for Guatemala is $19,000.00 and this does not include additional fees, which are required before the child may enter the United States. Many hopeful parents discard the idea of a Guatemala adoption early because they do not realize that there are both private and government resources that are available to help prospective adoptive parents, which will aid in the costs associated with overseas travel, agency fees and additional spending.
There are several tax benefits associated with adoption, which include the Federal Adoption Tax Credit. This amount is a credit issued for adoptive families on qualified expenses related to the child’s adoption. Allowable expenses, in this case, are subtracted from the current tax liability. In addition, a number of states offer a tax credit in addition to the previously mentioned federal tax credit. When it comes to taxes, adoptive parents are allowed to claim the same dependency exemption as for their biological children. This exemption provides a reduction in taxable income.
In addition to tax assistance, a number of employers participate in the Adoption Assistance Benefits Program. This program allows employers to reimburse not only Guatemala adoption expenses, but all adoptions, with a cash benefit. If your employer does not participate in this program, you may request material to provide your employer in an effort to request adoption assistance by contacting the National Adoption Center.
Both federal employees and military personnel are eligible for adoption benefits, which vary from extended leaves and/or reimbursement of up to $2,000.00 after the adoption is finalized.
Employees of Harvard University are also eligible for adoption assistance directly from the Harvard Adoption Assistance Plan. Under this program, up to $5,000.00 may be granted for expenses relating to the adoption of a child with financial need not being a factor.
In addition to these options, there are grants specifically designed to help prospective parents with expenses relating to the adoption.
As a final option in assistance with funding a Guatemala adoption, individuals may consult with their local bank or credit union regarding loan programs for adoptive families.
|
|
|
|
