Do You Get Financial Help for Adoption in Colorado?

Cost can be a significant factor when deciding if adoption is how you want to grow your family.

You deserve a family, and you shouldn’t have to wait. Fortunately, there are various financial resources available to support hopeful adoptive parents. You can get the support you need and get one step closer to holding your new baby in your arms for the very first time.

If you have specific questions about the cost of adoption or financial help for adoptive parents in Colorado, you can contact us online. Otherwise, continue reading to learn more about adoption financial aid.

Is There Financial Help for Adoption?

Yes, you can get financial help for adopting a child. State programs, federal benefits, foundation grants and more can help you fulfill your dream of becoming a parent. Exploring these options thoroughly can give you a better understanding of what out-of-pocket costs you need to budget for.

Adoption is expensive because it involves the support of so many different professionals and helpful resources, including adoption specialists, planning, matching services, birth mother living expenses and more.

Does Colorado Offer Financial Help for Couples Looking to Adopt?

Yes, Colorado offers adoption assistance to families who adopt available children through foster care that have “special needs.” Children qualify for assistance if they meet any of these criteria:

• Physical disability

• Mental disability

• Educational disability

• Emotional disturbance

• Developmental disability

• Hereditary factors

• High-risk children

• Over the age of 7

• Part of a sibling group

• Medical condition requiring further treatment

• Ethnic backgrounds that may be difficult to place

Adoptive families can receive a one-time payment of up to $800 per child. If the child requires continued or ongoing physical or psychological services for a special need, Colorado’s Medical Subsidy can supplement private insurance or cover services not under the state’s medical assistance plan. Additionally, Case Services are available to cover other payments and care related to the child’s special needs.

In Colorado, individual counties determine adoption assistance rates. Monthly subsidies significantly vary depending on where the adoptive family lives. However, this state- and county-provided adoption assistance only applies to foster care adoptions. Hopeful parents pursuing private domestic adoption must explore other funding options.

Is There Federal Financial Assistance for Adoption?

Yes, there is the Adoption Tax Credit. In a private domestic adoption, you can claim qualified adoption expenses paid before the adoption is finalized as a credit on your taxes the following year. This applies whether the adoption goes through or not and even if you haven’t found an adoption opportunity yet.

In 2024, you could receive up to $16,810 in tax benefits for qualified adoption expenses. This credit can reduce the amount of taxes you owe, but it’s nonrefundable. You cannot receive a refund of excess credit — it can only be carried forward for up to five years.

It’s important to note that the Adoption Tax Credit has an income limit. If your modified adjusted gross income was less than $252,150 in 2024, you could receive the full credit. Otherwise, the credit would decrease for incomes up to $292,150.

Because the exact tax benefit and income limit figures change every year, you’ll want to reference the Internal Revenue Service website and talk with a tax accountant, advisor or consultant.

Need Help With Financial Aid for Adoption?

We have over 30 years of experience facilitating adoptions across the U.S., and our extensive network allows us to provide you with valuable resources and guidance.

Our adoption specialists can assist you with your budget and provide a transparent and accurate cost estimate with an explanation of fees. Other adoption professionals might quote figures for best-case scenarios and surprise you with hidden costs down the road. But when you work with us, you can trust that we’re looking out for your best interests.

Additionally, we offer a Risk-Sharing Program to protect your finances. Adoption is an investment, and you shouldn’t have to start again if an expecting parent experiences pregnancy changes or decides to raise her baby. With our adoption insurance, you get 100% of post-activation fees back if there’s an adoption disruption.

Our goal is to make the financial aspect of your adoption journey as smooth as possible. To speak with an adoption specialist today, call 1-800-ADOPTION or fill out our online form.

Disclaimer
Information available through these links is the sole property of the companies and organizations listed therein. American Adoptions provides this information as a courtesy and is in no way responsible for its content or accuracy.