Comments on: Money Mondays: Expanding Your Family

Comments on: Money Mondays: Expanding Your Family http://queercents.com/2007/03/26/money-mondays-expanding-your-family/ We're here, We're queer, and We're not going Shopping without Coupons Thu, 18 Mar 2010 03:42:20 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Ami Icanberry http://queercents.com/2007/03/26/money-mondays-expanding-your-family/comment-page-1/#comment-35910 Ami Icanberry Thu, 26 Apr 2007 23:35:23 +0000 http://www.queercents.com/2007/03/26/money-mondays-expanding-your-family/#comment-35910 Still amazing to me that gay couples can adopt (and actually receive a benefit), but are not recognized as married couples. Another interesting facet of gay adoption is how it relates to one's retirement...or not. My colleague recently penned a blog entitled "How Will Today's Gay Adoptions Change the Future for LGBT Seniors?" If you'd like to check out the blog, just go to www.gilbertguide.com/blog and enter the title. Ami Icanberry<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-35910">0</span> <small>(to vote for this comment, please visit the site)</small></p> Still amazing to me that gay couples can adopt (and actually receive a benefit), but are not recognized as married couples.

Another interesting facet of gay adoption is how it relates to one’s retirement…or not.

My colleague recently penned a blog entitled “How Will Today’s Gay Adoptions Change the Future for LGBT Seniors?”

If you’d like to check out the blog, just go to http://www.gilbertguide.com/blog and enter the title.

Ami Icanberry

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]]> By: Queercents » http://queercents.com/2007/03/26/money-mondays-expanding-your-family/comment-page-1/#comment-33392 Queercents » Tue, 17 Apr 2007 01:17:28 +0000 http://www.queercents.com/2007/03/26/money-mondays-expanding-your-family/#comment-33392 [...] Expanding Your Family [...]<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-33392">0</span> <small>(to vote for this comment, please visit the site)</small></p> [...] Expanding Your Family [...]

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]]> By: Liza http://queercents.com/2007/03/26/money-mondays-expanding-your-family/comment-page-1/#comment-26878 Liza Tue, 27 Mar 2007 14:01:35 +0000 http://www.queercents.com/2007/03/26/money-mondays-expanding-your-family/#comment-26878 Another point to consider if you are planning children -- it may be hard to reach that 7.5% of income spent on medical expenses, in order to qualify for the deduction. IVF probably would, but maybe not IUI, for example. However, the cost of donor sperm &/or eggs, and of their storage, are "qualified medical expenses" for pre-tax health savings accounts. And of course so are the costs of the fertility treatments, drugs, etc.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-26878">0</span> <small>(to vote for this comment, please visit the site)</small></p> Another point to consider if you are planning children — it may be hard to reach that 7.5% of income spent on medical expenses, in order to qualify for the deduction. IVF probably would, but maybe not IUI, for example.

However, the cost of donor sperm &/or eggs, and of their storage, are “qualified medical expenses” for pre-tax health savings accounts. And of course so are the costs of the fertility treatments, drugs, etc.

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]]> By: Mombian: Sustenance for Lesbian Moms » Blog Archive » Tax Benefits of Being a Parent http://queercents.com/2007/03/26/money-mondays-expanding-your-family/comment-page-1/#comment-26784 Mombian: Sustenance for Lesbian Moms » Blog Archive » Tax Benefits of Being a Parent Tue, 27 Mar 2007 03:22:34 +0000 http://www.queercents.com/2007/03/26/money-mondays-expanding-your-family/#comment-26784 [...] Allison Einbinder of Queercents has written an informative post on the tax benefits of being a parent. Did you know that if you finalized an adoption in 2006, you may be eligible for an adoption credit of $10,960 for the 2006 tax year? Or that you can deduct expenses such as temporary storage of both eggs and sperm? It almost makes up for the cost of all those diapers and gallons of milk and soccer cleats. Read Allison’s post for the details. Bookmark to: [...]<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-26784">0</span> <small>(to vote for this comment, please visit the site)</small></p> [...] Allison Einbinder of Queercents has written an informative post on the tax benefits of being a parent. Did you know that if you finalized an adoption in 2006, you may be eligible for an adoption credit of $10,960 for the 2006 tax year? Or that you can deduct expenses such as temporary storage of both eggs and sperm? It almost makes up for the cost of all those diapers and gallons of milk and soccer cleats. Read Allison’s post for the details. Bookmark to: [...]

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]]> By: Dana http://queercents.com/2007/03/26/money-mondays-expanding-your-family/comment-page-1/#comment-26782 Dana Tue, 27 Mar 2007 03:09:02 +0000 http://www.queercents.com/2007/03/26/money-mondays-expanding-your-family/#comment-26782 Thanks for your detailed coverage of this issue. Just a few additional comments (spoken as a mother, not a tax professional): I donated an egg to my partner, which she carried, and we petitioned the state to grant us both parentage rights without an adoption. Our legal expenses for this were <em>not</em> eligible for adoption credit or benefits. Some states, such as MA, NJ, and CA, are now allowing both same-sex parents to put their names on the birth certificate without needing either adoption or court order of parentage. The National Center for Lesbian Rights is advising, however, that all non-bio parents still obtain one or the other to avoid problems when traveling out of state or dealing with the federal government. (See my <a href="http://mombian.com/2007/01/30/interview-with-cathy-sakimura-of-the-national-center-for-lesbian-rights/" rel="nofollow">interview </a> with Cathy Sakimura of NCLR.) There are pros and cons of each choice, and they should be discussed with an attorney--but the adoption credit Allison mentioned is a point to consider.<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-26782">0</span> <small>(to vote for this comment, please visit the site)</small></p> Thanks for your detailed coverage of this issue. Just a few additional comments (spoken as a mother, not a tax professional): I donated an egg to my partner, which she carried, and we petitioned the state to grant us both parentage rights without an adoption. Our legal expenses for this were not eligible for adoption credit or benefits.

Some states, such as MA, NJ, and CA, are now allowing both same-sex parents to put their names on the birth certificate without needing either adoption or court order of parentage. The National Center for Lesbian Rights is advising, however, that all non-bio parents still obtain one or the other to avoid problems when traveling out of state or dealing with the federal government. (See my interview with Cathy Sakimura of NCLR.) There are pros and cons of each choice, and they should be discussed with an attorney–but the adoption credit Allison mentioned is a point to consider.

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