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Joe Diamond, CPA, CFP®, EA, MST
Diamond Financial Corporation
4256 North Arlington Heights Road, Suite 204
Arlington Heights, IL 60004
Phone: 847-884-8500
Email: customerservice@diamondfinancial.com
Website: www.diamondfinancial.com
March/April 2021
Adoption: Plan to Cover the Costs
Adopting a child can be a joyful event — and an expensive one. If you’re considering adoption, it’s important to know the costs so you can plan and budget for them.
Costs to Consider
Agencies typically have a set fee schedule for their services. You’ll pay the costs of fingerprinting, background checks, doctor physicals and financial reports, as well as any travel costs. You’ll also need to pay for a home study completed by a licensed agency, and you could be responsible for paying expenses and counseling for the birth mother. Another less costly option to consider is adopting through foster care.The Tax Benefits
You may qualify for a tax credit of up to $14,300 per child for qualified adoption expenses, as well as an exclusion from income for employer-provided adoption assistance.Adoption of a child with special needs qualifies for the full tax credit regardless of expenses incurred. Adoption of a stepchild does not qualify unless the child is under age 18 and unable care for him or herself. You must meet income limits and other requirements to receive the tax credit, so consult your tax professional.
Supporting a child is costly, so work with your financial professional to plan ahead.
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