Adoption Financials: Do You Get Paid for Adopting a Child?

By RedWallPPC
April 26, 2024

Have you considered growing your family and adopting a child? If you have, you’re not alone. Around four in ten adults in the United States think about adopting a child at some point during their lives. 

Adopting can be a costly process that leads many people to wonder, “Do you get paid for adopting a child?” This blog will discuss if families can get compensated or receive financial assistance for adopting a child. 

Do You Get Paid for Adopting a Child?

No, parents don’t get paid for adopting a child. However, don’t let that fact deter you from exploring adoption. There is assistance and many financial resources available to you. 

Adoption Tax Credit

The Adoption Tax Credit (ATC) is financial aid for people who want to provide a loving and permanent home to a child. The adoption assistance amount varies depending on the year the child was adopted. For example, families can receive up to $15,950 for each adopted child for adoptions finalized in 2023

This tax credit reduces the amount of taxes you owe in the year you’re filing for. If you want to claim the credit when adopting from foster care, you’ll have to ensure the adoption is final before you can claim it. Parents can file for the credit in the tax year following the paid expenses in the case of a private adoption. 

State Adoption Assistance Programs

Each state has different adoption assistance programs in place. Florida provides $5,000 each year for the maintenance and support of an adopted child, up until they turn 18. The amount is issued in increments of $416.66 each month. 

Keep in mind that this amount can change depending on the needs of the child. The adoptive parents’ circumstances can also affect the adoption allowance. 

Employer-Provided Adoption Benefits

Many workers might not realize that there are employer-provided adoption benefits that can apply to their workplace. Some of these benefits can include:

The resources that employers provide may include access to an adoption specialist, referrals to licensed agencies, and help with special circumstance adoptions. Financial benefits can take different forms. This might include partial reimbursement, a lump sum, or payment for certain adoption-related fees.

Some of the fees that might be covered include:

  • Court costs
  • Legal fees
  • Private or public agency fees
  • Medical expenses
  • Transportation costs

Parental leave is an invaluable benefit from your employer. Workplaces that have over 50 employees are required to give both parents up to 12 weeks of unpaid parental leave. Make sure you talk to the HR department at your work to ensure you tap into these benefits

Get Connected With the Leading Adoption Agency in Florida

We hope we’ve answered the question “Do you get paid for adopting a child?” While adoption costs can be high, there are countless tax incentives and assistance programs that can ease the burden. It’s important to work with an experienced adoption agency that can assist you with exploring your options. 

Heart of Adoptions, Inc. is here to help people in Florida who are considering adoption. We work with both families who are trying to adopt, and pregnant mothers who are considering their options. Get in touch with us today to learn more about our services.