Steps to claim an elderly parent as a dependent

If your father is in your care he can qualify as a dependent on your tax return, which means tax benefits for you

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Caring for an elderly parent requires different types of care that involve considerable expenses in the family budget , so it is important to know how you can qualify as a dependent on the declaration of taxes.

The site The Street published the steps to take to claim an elderly parent as a dependent , which will result in additional tax benefits for the taxpayer , so it is important to comply with the IRS criteria IRS to be able to do it .

Income limitation

A older parent must first meet the income requirements established by the Internal Revenue Service to be claimed as your dependent.

To qualify as your father’s dependent must not have earned or received more than the trial limit of gross income for the fiscal year . The amount is determined by IRS and can change from one year to another .

Current exemption amounts can be found at Post 400 from IRS, Dependents, Standard Deduction and Filing Information .

Support requirement

To claim your parents as dependents , you must have provided more than half of your support during the tax year . The amount reported must exceed your parents’ income in at least one dollar .

To determine the monetary value of the amount of support you provide , you should consider some factors:

– Calculate the fair market value of the room that your parents occupy in your house.

– Calculate the cost of the food you provide .

– Includes utilities , medical bills and general expenses you pay.

– Compare the value of the support you provide with any income , including Social Security, which I received e your parent to determine if you meet the support requirements .

Deduct medical expenses

If you paid for the medical care from your parents you may be able to claim medical expenses as an itemized deduction on the Annex A . You can deduct your parents’ medical expenses even if they do not meet the income requirement to be claimed as your dependent , as long as they provide more than half of their support .

Dependent Care Credit

On Child and Dependent Care Credit is a non-refundable tax credit , but can be claimed by taxpayers who pay for the care of a person that qualify and meet certain requirements .

If you father or mother cannot take care of themselves physically or mentally , they are qualified persons.

You must iden correctly tify your care provider , providing the name, address and provider identification number , it can be the Social Security number or the Employer identification.

If you are married but filing a separate return of your spouse , you cannot claim this credit .

With information from The Street and TurboTax

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