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Tax Tips for Caregivers: Claiming a Parent as a Dependent

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Tax Tips for Caregivers: Claiming a Parent as a Dependent

By Marlo Sollitto, AgingCare.com contributing editor

It isn’t just time, but money that most caregivers donate to help maintain the ones they love. When tax time rolls around, you may be able to claim your parent as a dependent on your income taxes. This would allow you to get an exemption for him or her.

5 Things to Do Before Dec. 31 to Reap Tax Benefits

In order to claim your elderly loved one as a dependent on your taxes, you must meet certain criteria.

Any dependent must meet these tests, according to tax experts at bankrate.com:

You (the caregiver) cannot be claimed as a dependent by another taxpayer.

They must be a resident of the U.S., Canada or Mexico.

They cannot file a joint tax return with a spouse.

Relationship

The person who you want to claim as a dependent must be a relative. Relatives who qualify who do not have to live with you include: mother, father, grandparent, stepmother, stepfather, mother-in-law, father-in-law.

Elder’s income

Your loved one’s gross income for the year must be less than $3,650. Social Security normally is excludable, but if they have other income, which in many cases means interest and dividends, some is taxable.

Answers to Tax Questions Caregivers Ask Most

Related:
The 10 Most Overlooked Tax Deductions
Can You Use An FSA for Your Parentís Medical Expenses?
2011 Tax Tips for Family Caregivers

Tax Tips for Caregivers: Claiming a Parent as a Dependent originally appeared on AgingCare.com

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10 comments

+ add your own
1:56AM PST on Feb 18, 2012

Thanks for the article.

4:06PM PST on Dec 18, 2011

thanks

7:50AM PST on Dec 16, 2011

Thank you for this information.

6:11AM PST on Dec 16, 2011

How do I claim my cat?

9:30PM PST on Dec 15, 2011

Thanks!

6:30PM PST on Dec 15, 2011

thank you

6:11PM PST on Dec 15, 2011

ty

5:20PM PST on Dec 15, 2011

Thank you for this helpful article!

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