The cost of raising a child from birth to age 18 is $286,000 — without the cost of college.(1) Adoptive parents can expect to spend another $30,000(2) for attorney fees, placement agencies and travel expenses. But, H&R Block is helping adoptive parents reclaim some of these costs with a tax credit that’s generating refunds of $25,000 or more.
“Being an adoptive parent is both rewarding and fulfilling but it also comes with emotional, physical and financial demands,” said Kathy Pickering, executive director of The Tax Institute at H&R Block. “The adoption credit is providing these families with some much needed financial relief. Some of our clients are receiving refunds equal to their annual salary when multiple children or special needs children are adopted.” More.