AARP: Tax Tips for Caregivers

webby Resources for Family Caregiver, Uncategorized Comments Off on AARP: Tax Tips for Caregivers

As a family caregiver, you went into the job knowing it would take much of your time. You may not have expected it to take quite so much of your money. Some 42 percent of family caregivers spend more than $5,000 on unreimbursed care for loved ones. Fortunately, there is some light at the end of the tax year: deductions and credits.

As a family caregiver, the IRS allows certain deductions and credits if both parties meet the IRS requirements.

The Internal Revenue Service­ allows family caregivers to claim anyone related by blood, marriage, adoption or even friends as dependents — if both parties meet the IRS

requirements. If so, the caregiver can claim the dependent deduction on federal taxes. Bonus for the single taxpayer: Adding a dependent allows you to claim the deduction and bumps you up to head of household — even if your relative lives in a different house. The change in status means your 2017 personal deduction jumps from $6,350 to $9,350.

To qualify:  Read more here.

About the author

webby

Webmaster Login for Testing Purposes