{"id":5969,"date":"2015-11-24T07:26:57","date_gmt":"2015-11-24T13:26:57","guid":{"rendered":"https:\/\/www.senioradvisor.com\/blog\/?p=5969"},"modified":"2015-11-25T12:33:36","modified_gmt":"2015-11-25T18:33:36","slug":"caregiver-tax-credit","status":"publish","type":"post","link":"https:\/\/d30braiqprupoq.cloudfront.net\/blog\/2015\/11\/caregiver-tax-credit\/","title":{"rendered":"Caregiver Tax Credit"},"content":{"rendered":"<h1>Are You Eligible for the Family Caregiver Tax Credit?<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-5972\" src=\"https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/07\/Caregiver-Tax-Credit-350x350.png\" alt=\"Caregiver Tax Credit\" width=\"350\" height=\"350\" srcset=\"https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/07\/Caregiver-Tax-Credit-350x350.png 350w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/07\/Caregiver-Tax-Credit-150x150.png 150w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/07\/Caregiver-Tax-Credit-768x768.png 768w, https:\/\/s3.us-west-2.amazonaws.com\/img.prod.aplaceformom.com\/main\/uploads\/sa-blog\/2015\/07\/Caregiver-Tax-Credit.png 800w\" sizes=\"(max-width: 350px) 100vw, 350px\" \/><\/h1>\n<p>Caregivers provide a variety of services for senior citizens every year. \u00a0Many times these caregivers are taking care of their parents or loved ones and often will pay for medical expenses with their money. \u00a0If you are a caregiver, you might be eligible to receive certain caretaker tax breaks and deductions. \u00a0These deductions can help defray the cost of taking care of your loved one and will allow you to give them the best care possible.<\/p>\n<h2>Claim Them as Dependents<\/h2>\n<p>The first thing that you will want to do is see if you can claim your loved one as a dependent. \u00a0There are a few ways that you can see if you meet the <strong><a href=\"http:\/\/www.agingcare.com\/Articles\/claim-elderly-parent-as-dependent-109238.htm\" target=\"_blank\">qualifications<\/a><\/strong> to claim them as dependents:<\/p>\n<ul>\n<li>They are a relative that either lives with you or in their home<\/li>\n<li>They have an income that is less than $3,950 before Social Security benefits<\/li>\n<li>You pay for more than half of their medical expenses<\/li>\n<li>They are a non-relative who has lived with you for more than six months<\/li>\n<\/ul>\n<p>If you can claim your loved one as a dependent, you will be able to take a tax deduction on your taxable income that tax year.<\/p>\n<h2>Claim Medical Expenses<\/h2>\n<p>If you can claim your relative as a dependent, you might also be able to claim a tax benefit for their medical costs. Medical costs, <strong><a href=\"http:\/\/www.irs.gov\/pub\/irs-pdf\/p502.pdf\" target=\"_blank\">as defined by the IRS<\/a><\/strong>, are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments. \u00a0To claim these medical expenses, you need to meet <strong><a href=\"http:\/\/www.aarp.org\/home-family\/caregiving\/info-02-2013\/6-tax-tips-for-family-caregivers.html\" target=\"_blank\">two requirements<\/a><\/strong>:<\/p>\n<ol>\n<li>You must be paying for more than 50% of their total medical expenses; and<\/li>\n<li>Your total represented medical cost is more than 10 percent of your <strong><a href=\"http:\/\/www.irs.gov\/uac\/Definition-of-Adjusted-Gross-Income\" target=\"_blank\">adjusted gross income<\/a><\/strong>.<\/li>\n<\/ol>\n<p>If your loved one is 65 or older that number moves from 10% to 7.5%. \u00a0If you meet those two requirements, you can deduct the difference of the medical expenses from the total 10% or 7.5% of your adjusted gross income.<\/p>\n<h2>Decide Who Gets the Deductions<\/h2>\n<p>If you and other relatives are providing care for your loved one, you will have to decide who can receive the tax benefits. \u00a0Only one person can claim the parent or loved one as a dependent and file for the tax exemptions. \u00a0You will have to decide before taxes which of you\u00a0will file the dependent claim. \u00a0That person will then need to file a <a href=\"http:\/\/www.irs.gov\/uac\/Form-2120,-Multiple-Support-Declaration\" target=\"_blank\"><strong>Form 2120, Multiple Support Declaration<\/strong>,<\/a> as well as have all the others who provide care sign the form saying they will not claim the relative as a dependent.<\/p>\n<h2>Check Your State<\/h2>\n<p>Some states offer extra deductions for caregivers. \u00a0These deductions help to lower the amount of income tax that the family owes. \u00a0Not every state offers these deductions so you will have to check with your <strong><a href=\"http:\/\/www.aicpa.org\/Research\/ExternalLinks\/Pages\/TaxesStatesDepartmentsofRevenue.aspx\" target=\"_blank\">state\u2019s revenue department<\/a><\/strong> to find out more information.<\/p>\n<p>Taking care of a parent or loved one can be a daunting task. \u00a0You want to make sure that they are getting the proper care, and that can be expensive. \u00a0Sometimes you don&#8217;t have the money to give them the medical care that they need. \u00a0Caregiver tax deductions and breaks can help you pay for the health care that your loved ones deserve.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are You Eligible for the Family Caregiver Tax Credit? Caregivers provide a variety of services for senior citizens every year. \u00a0Many times these caregivers are taking care of their parents or loved ones and often will pay for medical expenses with their money. \u00a0If you are a caregiver, you might be eligible to receive certain caretaker tax breaks and deductions. 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