Q. Don't I also get a tax benefit for being caretaker for elderly/disabled?
A. No.
There a couple of tax rules, that don't apply to you, that may be leading to that thought.
1. If the government is paying you to care for your parents ("Medicare waiver payments that qualify as difficulty of care payments"), then that money is tax free income (but has to be reported, on your return).
2. There is a credit for the elderly or disabled (you don't have to be both), but it applies to the taxpayer, not his dependents. Even then, very few people qualify because it's a non refundable credit.
