ASC recognizes that the investment into adoption is a costly one. While there are no easy avenues to offset all the expenses incurred in an adoption, there are some avenues to defray these costs.
Federal Tax Credit for Adoption
Since 1997 the Federal government has offered an Adoption Tax Credit for qualified adoptions. Over the years there have been changes to the credit and on several occasions, it has been in jeopardy of being discontinued. The most recent change occurred in 2013 when Congress renewed the Adoption Tax Credit as part of the recent “Fiscal Cliff” negotiations. The credit is currently not refundable, meaning adoptive parents can get a credit based on their tax liability with up to five years to take the full amount. For 2018, the maximum credit is set at $13,840. Families with incomes under $207,580 will receive the full credit and it will gradually phase out up to $247,580. Indiana also offers a $1000 tax credit as of 2015.
For more questions, contact the IRS at 1-800-829-1040 or go to www.irs.gov.
MasterCard, Visa and Discover
ASC accepts these credit cards. Home studies, post-adoption follow-ups, activation fees, advertising and placement fees may all be paid by credit card. We charge a 3% convenience fee whenever a credit card is used.
Many banks, both online and in your own neighborhood, may also approve adoption loans.
NorthPark Community Credit Union Visa Loan Program
We are excited to announce a new option for adoption funding! ASC has partnered with NorthPark Community Credit Union to create a simple Visa loan program that we feel will be of great interest and help to many adoptive families. Contact a NorthPark CCU Loan Officer at (317) 733-2200 for more information and current rates.