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  #1  
January 29th, 2009, 06:05 PM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
Posts: 50,214
Can you give me a ballpark estimate of what an adoption through the state costs? I know, I know... they're all different, it depends on this and that... but really. I mean ballpark - like, in comparison to private international or something.
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  #2  
January 29th, 2009, 06:34 PM
Platinum Supermommy
Join Date: Apr 2008
Location: Washington
Posts: 5,579
I live in Washington state and from what I've checked on here, it's basically free. I'm sure there are tons of stipulations and loads of paperwork. Check with your local child services, health and social services, etc.
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  #3  
January 29th, 2009, 06:51 PM
SarahBethsMommy's Avatar Mega Super Mommy
Join Date: Nov 2007
Posts: 4,847
I think it was around $5000 but then we get reimbursed once it is all done. That is if we use their lawyers and not private ones. I don't think we'll have an issue with their lawyers though since I've liked them all so far.

ETA: There is also an adoption subsidy that we'll get after adopting our foster son. I'm not sure for how long though. I think it is mostly because he has a number of medical and developmental needs though. And while we are fostering him before the adoption we get a subsidy each month too. It pays for most of his needs because I'm serious about money saving.
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  #4  
January 29th, 2009, 07:38 PM
BensMom's Avatar Ephesians 4:29
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Location: The Lonestar State
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Do any of you know about the $10k federal tax credit (not deduction)? Is that why you're saying it's free or reimbursed or whatever... or is that something completely different... like for private adoptions?
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  #5  
January 30th, 2009, 06:53 AM
mswordwiz's Avatar Mega Super Mommy
Join Date: Jul 2008
Location: ATL
Posts: 1,902
Quote:
Do any of you know about the $10k federal tax credit (not deduction)? Is that why you're saying it's free or reimbursed or whatever... or is that something completely different... like for private adoptions?[/b]
go here to read the IRS Rules - http://www.irs.gov/taxtopics/tc607.html
go here to see the form - http://www.irs.gov/pub/irs-pdf/f8839.pdf

If your employer also had adoption perks, you may be eligible for an exclusion also.

It is a tax credit of up too 10k per child provided the child meets the conditions of us citizenship/residency, and that credit goes up against your amount of your AGI (adjusted Gross Income) you could get a hefty refund. We did this year, this is the first time that we got more back than we payed into the system. We never took the adoption credit for expenses in previous years, we did this all in the year that the adoption order was granted.

Some states have reimbursement for legal expenses for adoptions. Some states still pay a monthly stipend to people who adopt hard to place or special needs kids even after the adoption. Next year we will have 3 more adoption credits to claim one from a state agency adoption with a partial reimbursement (again we have our own atty), and 2 from a private adoption.

DH and I got 2 credits this year since we adopted 2 hard to place kids (siblings) in 2008. We still had expenses that were incurred as there was 1 living relative who is in jail and he has to have his claim on the kids revoked (more legal bills). We had to pay for foster license renewal, we had to pay for stuff like TB testing (Foster license). We paid for a search for other living relatives, and we paid agency fees. We also had to pay court fees and documentation fees to get the kids birth certs changed. This stuff adds up.

We used our own atty, instead of one from the list from our agency, it was better for us based on location, and it meant less travel time and we could avoid going into downtown Atlanta during peak drivetimes.

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  #6  
January 30th, 2009, 12:16 PM
BensMom's Avatar Ephesians 4:29
Join Date: Apr 2005
Location: The Lonestar State
Posts: 50,214
Thanks! That was very helpful!
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  #7  
January 30th, 2009, 12:35 PM
Platinum Supermommy
Join Date: Apr 2008
Location: Washington
Posts: 5,579
Quote:
Quote:
Do any of you know about the $10k federal tax credit (not deduction)? Is that why you're saying it's free or reimbursed or whatever... or is that something completely different... like for private adoptions?[/b]
go here to read the IRS Rules - http://www.irs.gov/taxtopics/tc607.html
go here to see the form - http://www.irs.gov/pub/irs-pdf/f8839.pdf

If your employer also had adoption perks, you may be eligible for an exclusion also.

It is a tax credit of up too 10k per child provided the child meets the conditions of us citizenship/residency, and that credit goes up against your amount of your AGI (adjusted Gross Income) you could get a hefty refund. We did this year, this is the first time that we got more back than we payed into the system. We never took the adoption credit for expenses in previous years, we did this all in the year that the adoption order was granted.
[/b]
I think it's actually up to $11,480 and it doesn't affect your AGI, it actually affects your tax liability, and unless you pay that much into the IRS in one year then you won't get it all back in one year (there's a 5 year carry-over). So, if before you take the adoption tax credit your liability is $5000, but you paid in $6000 then normally you'd get a $1000 refund. With the tax credit, if you paid $10,000 in adoption fees (air fare, court costs, attorney fees, etc) and if your liability is $5000 and you paid in $6000 you will get back $6000 and more than likely the rest of the $10K ($5000 in this case) back the next year - plus whatever refund you had coming anyway. Does that make sense?
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