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How to Claim Your Elderly Parents on Your Taxes?

The Internal Revenue Code lets you claim a dependent exemption for each of your elderly parents, provided no one else is eligible to and satisfy the other qualifying relative requirements. However, the IRS provides some exceptions that makes it easier for children to report their parents as dependents in comparison to other taxpayers.

Parent’s Gross Income

Unlike the requirements for reporting children as dependents, it isn’t necessary for your elderly parents to reside with you. However, if either of your parents have gross income that is equal to or greater than the exemption amount for the year, you won’t be eligible to claim them as your dependents. Your parent’s gross income doesn’t include social security retirement payments or other tax-exempt income. It does, however, include investment income such as dividends, capital gains, bank interest and rental income from any properties they own.

Financial Support

Not only must elderly parents have minimal income, but the qualifying relative rules also require that you provide more than half of their financial support during the year. Financial support generally refers to your parents’ ordinary living expenses, such as housing, transportation and medical care. Keep in mind that it’s irrelevant whether your parents have sufficient income to support themselves. The support test only looks at who actually pays rather than whether an elderly parent could pay. For example, your elderly father can put his entire Social Security check into a savings account each month while you take care of his living expenses and you’re still eligible to claim his as a dependent on your tax return.

Sibling Multiple Support Agreements

Quite often an elderly parent will receive financial support from all of their children during the tax year. In the aggregate, the children will likely satisfy the support test of the qualifying relative rules, but as individuals, the amount of support may be insufficient. To deal with situations where siblings pool their resources, the IRS allows them to take turns claiming the parent’s exemption. However, only children who provide at least 10 percent of their parent’s total financial support in a single tax year are able to claim the dependent exemption through a multiple support agreement with the other siblings. If your siblings agree to take turns claiming the exemptions, a document stating that all but one sibling will refrain from reporting their parents as dependents must be signed every tax year.

Exemption Phase-Outs

One thing to be aware of is that if your adjusted gross income (AGI) exceeds the threshold amount for your filing status, the exemption amount is reduced by 2 percent for every $2,500 or part of $2,500 of your AGI that exceeds the relevant threshold – but never will the exemption be reduced to zero.

References:
IRS Form 1040