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Archive for the ‘Adoption Tax Credit’ tag

Could You Use $13,570 to Build Your Family?

By Tracey Minella

November 16th, 2017 at 2:07 pm

 

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You wouldn’t want to lose $13,570, would you? Well, if you are even remotely considering adopting a child someday, you need to read on.

Both LGBT and heterosexual couples often turn to adoption to create their families. Some may go straight to adoption. Others may first try Assisted Reproductive Technologies (“ART”) like in vitro fertilization (“IVF”) and then pursue adoption if those attempts fail. And some try both adoption and ART simultaneously, ready to accept whichever brings them a child first.

For ages, adoption was the primary route many LGBT couples took to become parents. Gay men (having no eggs or uterus to work with) had little choice before the advent of donor egg and gestational carriers. Unfortunately, private newborn adoptions historically favored placement with heterosexual couples, often leaving LGBT wannabe parents to seek adoption through the foster care system. Sometimes, to reduce the wait time for placement, they’d be encouraged to consider older or special needs children.

While more open-minded than in the past, some of today’s birth parents still cling to those old prejudices when choosing adoptive parents, holding out for the so-called “traditional” parental unit–a married heterosexual couple– rather than an LGBT couple or single parent.

At Long Island IVF, rapidly-advancing assisted reproductive medical technology has opened many avenues to family-building for LGBT couples who want to have a biological child. Depending on the particular circumstances, these options may include using donor egg, donor sperm, gestational carriers, or reciprocal IVF. These advancements, coupled with hard-fought legal victories for LGBT marital and parental rights, did—and continue to– change the parenting options landscape for members of the LGBT community.

In spite of these the medical and legal developments, adoption is still the choice of many couples. The idea of giving a stable home to a foster child that is waiting for love is preferable to many couples, even those who could pursue or had success with medical options.

But whether you choose adoption or ART to build a family, there are financial concerns and the costs of either option can pose a barrier to many couples. Every financial family-building resource, benefit, insurance, or credit that exists must remain accessible to all who need it. For those who choose to adopt, that means preserving the federal Adoption Tax Credit.

There’s a lot going on in the political and infertile world—some front-burner and other back-burner movements. One of the hottest items in the news right now is the fate of the federal Adoption Tax Credit.

The federal Adoption Tax Credit is available to American families to help off-set the costs of adoption. It applies to all adoptions– private domestic, international, and through foster care.

In a nutshell, it’s a federal tax credit currently capped at $13,570 for qualified adoption expenses, though it is affected by the family’s income and tax liability. According to Resolve, the National Infertility Organization’s website:

  • Families earning over $203,540 may only claim a partial credit
  • Families earning over $243,540 are not entitled to any credit
  • Families adopting a special needs foster child may claim the maximum credit
  • The credit may be used for up to five additional years if there is not enough tax liability to apply the full amount of the credit in the first year, and it’s non-refundable.
  • The government saves an estimated $65,000-$127,000 per child that’s adopted out of long-term foster care.

The federal Adoption Tax Credit made headlines after appearing to be on the chopping block as part of the current administration’s upcoming Tax Reform proposal. This caused adoption and infertility rights advocates and religious organizations to leap into action to save the tax credit. Without it, countless children will remain in foster care because those who want to adopt them will not be able to afford to do so. Further, those pursuing private domestic or international adoptions may not be able to afford to those options without the credit.

Fortunately, the most recent reports from last week indicate that the political tide is turning in favor of saving the Adoption Tax Credit, but all those who believe it should be saved need to step up and support it. Do it for yourself or someone you love. Or just do it for the good of orphans and kind-hearted strangers. If you were adopting a child today, wouldn’t you want that tax credit?

If you’d like to lend your voice to the effort, you can contact your local representatives or join the efforts of RESOLVE–the group that fights tirelessly for the rights of all members of the infertile community. You can check out the political initiative here.

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Are you or would you consider adopting a child? Would losing the Adoption Tax Credit impact your ability or choice to adopt?

 

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Answer the Call…Make the Call

By Tracey Minella

November 27th, 2012 at 4:06 pm

Would over $13,000 for IVF help you build your family? How about fund an adoption? It’s within your grasp. But only if you act now.

Join RESOLVE’s “Call to Congress” campaign …today through Thursday… and help get the Family Act enacted and the Adoption Tax Credit expanded and made permanent.

By calling your representatives and using the step-by-step instructions and script provided by RESOLVE, you can make your dream of having a family through IVF or adoption, that much closer to a reality by removing a large financial obstacle. The proposed legislation also offers assistance for the costs of fertility preservation in patients facing cancer, so the loss of affected reproductive organs (or the effects of chemotherapy) will not rob them of their ability to have a biological child once their cancer crisis has passed.

This three day movement, organized by RESOLVE, has been strategically planned to make a noticeable impact on legislators nationwide. Fertility advocates across the entire country are mobilizing forces to join in the effort to get the Family Act passed and the Adoption Tax Credit expanded and made permanent. Fertility patients everywhere, current or former, are being asked to speak up and be heard.

Does this sound like a battle? Well, it is! Will you answer the call…and make the call?

Please click here for more information about this ground-breaking legislation and for easy access links to help you show your support: http://www.resolve.org/get-involved/congressional-call-week-2012.html. Then make the calls…today through Thursday. Thanks.

 

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After you make the call, please tell us here (or on Facebook) that you did it! Please share this information with whomever you are comfortable sharing it with. Together we can make a difference.

Photo credit: http://www.publicdomainpictures.net/view-image.php?image=3319&picture=us-capitol

 

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November is National Adoption Awareness Month

By Tracey Minella

November 11th, 2012 at 11:15 am

image courtesy of photostock/free digitalphotos.net

Most of our patients come to us for help conceiving a child after trying on their own and either not getting or not remaining pregnant. Sometimes, patients who have no problems having a first child, come to us for help having additional children.

While our job at Long Island IVF is to build families every day through assisted reproductive technologies, like IVF, some patients ultimately choose adoption either instead of or in addition to pursuing a biological child.

Adoption, like any family-building decision, has many factors to consider. For many, there can be psychological issues to resolve regarding grieving and accepting not having a biological child. There are domestic or international choices. Newborn or older child? Same race or different? Maybe a special needs child or adoption after foster parenting? And then there are the legal and financial aspects of adoption.

An important topic of interest in the infertility world of late is saving the Adoption Tax Credit…a federal tax credit which was enacted in 1996 but is set to expire on December 31, 2012, unless it is extended.

In April, Iowa Rep. Bruce Bailey introduced the Making Adoption Affordable Act which seeks to expand the current Adoption Tax Credit by a thousand dollars, from $ 12,360.00 to $13,360.00 and make it permanent and refundable. 

 In September, Louisiana Sen. Mary Landrieu introduced the Making Adoption Affordable Act S3616 which also seeks to extend the Adoption Tax Credit, though to $13,170.00 and to make it permanent. It also seeks to make the credit refundable.

Making the credit refundable would mean that adoptive parents could receive a tax refund in excess of their tax liability. For more information on the bill and the benefits of making the credit refundable, go to: http://www.landrieu.senate.gov/?p=press_release&id=3378

RESOLVE, the National Infertility Association, has information on the above legislation, including further details, FAQs, lists of which legislators have co-sponsored the bills, and ways you can help get these bills passed. http://www.resolve.org/get-involved/save-the-adoption-tax-credit.html

Really, doesn’t every child deserve a family? And shouldn’t the generous people who open their hearts and homes to these parentless children get a break in terms of reimbursement of the costs associated in becoming a family?

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How do you feel about this proposed legislation? Do you think it is fair, with benefits that outweigh concerns? If not, what are your primary concerns or reservations?

Have you adopted or fostered a child, and what was your experience?

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