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| Adoption News |
The economy has made adoption more challenging for
everyone. Savings may be depleted by layoffs or home
equity loans may not be available. For some families
the financial crisis our country is in has derailed their
dreams of adopting.
The decision to abandon an adoption plan is very
heartbreaking, especially for families who have been
wanting to adopt for a long time.
Some agencies have reduced fees in light of the
economy. Others have not. Ironically, there seems to
be a shift in numbers of prospective adoptive parents
and birth mothers. We can foresee that there may be a
possibility in the future that there are more birth
mothers and fewer families available to adopt their
children. Granted it takes a lot of money to adopt and
raise children, but there is nothing more worth it.
From the IRS:
Adoption Benefits Increased 2008
For 2008, the maximum adoption credit has increased to
$11,650. Also, the maximum exclusion from income for
benefits under your employer's adoption assistance
program has increased to $11,650. These amounts are
phased out if your modified AGI is between $174,730 and
$214,730. You cannot claim the credit or exclusion if
your modified AGI is $214,730 or more. See Form 8839,
Qualified Adoption Expenses, and its instructions for
more information.
2009
For 2009, the maximum adoption credit has increased to
$12,150. Also, the maximum exclusion from income for
benefits under your employer's adoption assistance
program has increased to $12,150. These amounts are
phased out if your modified AGI is between $182,180 and
$222,180. You cannot claim the credit or exclusion if
your modified AGI is $222,180 or more.
everyone. Savings may be depleted by layoffs or home
equity loans may not be available. For some families
the financial crisis our country is in has derailed their
dreams of adopting.
The decision to abandon an adoption plan is very
heartbreaking, especially for families who have been
wanting to adopt for a long time.
Some agencies have reduced fees in light of the
economy. Others have not. Ironically, there seems to
be a shift in numbers of prospective adoptive parents
and birth mothers. We can foresee that there may be a
possibility in the future that there are more birth
mothers and fewer families available to adopt their
children. Granted it takes a lot of money to adopt and
raise children, but there is nothing more worth it.
From the IRS:
Adoption Benefits Increased 2008
For 2008, the maximum adoption credit has increased to
$11,650. Also, the maximum exclusion from income for
benefits under your employer's adoption assistance
program has increased to $11,650. These amounts are
phased out if your modified AGI is between $174,730 and
$214,730. You cannot claim the credit or exclusion if
your modified AGI is $214,730 or more. See Form 8839,
Qualified Adoption Expenses, and its instructions for
more information.
2009
For 2009, the maximum adoption credit has increased to
$12,150. Also, the maximum exclusion from income for
benefits under your employer's adoption assistance
program has increased to $12,150. These amounts are
phased out if your modified AGI is between $182,180 and
$222,180. You cannot claim the credit or exclusion if
your modified AGI is $222,180 or more.