Families caught up in the Russia adoption ban have lost a lot. Not only are dreams of adopting a Russian child going unfulfilled, but hopeful adoptive families are also losing the money they've invested in the adoption process and the financial aid that the federal adoption tax credit offers, says a March 15 article from CNN Money. The sum total of those losses is high; it may mean that some families are never able to adopt.
Families are able to claim the federal adoption tax credit in cases where a domestic adoption attempt was unsuccessful. This isn't the case for failed international adoptions. If an international adoption falls through, families are not eligible for the adoption tax credit. Such is the case for families that were pursuing a Russian adoption when the ban went into effect. The inability to recoup financial losses will no doubt prevent many of these families from future adoption attempts.
The maximum amount of the adoption tax credit for 2013 is $12,970, which helps many families offset adoption expenses. The fees associated with both domestic adoption and international adoption can top $40,000 in many cases. Without the adoption tax credit, many families could not afford to complete an adoption.
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