Yes, if your parents meet the qualifications to be claimed as dependents, you can claim them for 2024 if their Marketplace insurance didn't start until 2025.
You must have provided more than half of your parent's support during the tax year in order to claim them as a dependent. The amount of support you provided must also exceed your parent's income by at least one dollar.
There are special tax rules for parents. If your qualifying person is your father or mother, you may be eligible to file as head of household, even if your parent doesn’t live with you. However, your mother or father must meet the qualifications of being a dependent.
For example, you must pay more than half the cost of keeping up a home that was your parents’ main home for the entire year. If you pay more than half the cost of your parents’ senior living or assisted care facility, that counts as paying more than half the cost of keeping up your parents’ main home. See this TurboTax blog article. Also:
- Consider the cost of food that you provide.
- Remember to include utilities, medical bills and general living expenses that you also pay.
- Compare the value of support you provide with any income, including Social Security, that your parent receives to determine whether you meet the support requirements.
The gross income test would also need to be met. See this TurboTax tips article for more information.
Amounts spent for a dependent's care might qualify for the Child and Dependent Care Credit. See this TurboTax tips article for more information.
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