dpettits4
New Member

I was paid for taking care of both elderly parents. How do I claim the income on a married filing jointly return.

Last year I only did this part of the year. This year I will care for both parents full time the whole year. Should I file quarterly taxes this year. If yes, how do I do this?
DexterS
New Member

Get your taxes done using TurboTax

Are you being paid by some agency or from family funds?
dpettits4
New Member

Get your taxes done using TurboTax

family funds
DexterS
New Member

Get your taxes done using TurboTax

There are a couple of ways to approach this that depend on your total family tax situation.

They can each give you a gift of up to $14,000 a year and there is no reporting required.  You have no income to be taxed and earn no Self-employment (Medicare and Social Security) credit.  They would not be able deduct any of those funds on their taxes.

Your could report it as Self-employed income on Schedule C.  Expenses that you incur are deductible also on your Schedule C.  

They can take some or all of the expense as a medical deduction on their Schedule A.  Money they pay you for food, and personal care items would not be a medical expense to them.  

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DennisS
Returning Member

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From what I understand, we CANNOT deduct our 92 year old, dementia, invalid Mother because we make too much money.  Even though we pay 100% of her costs, save it be health costs.

DennisS
Returning Member

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Mom just qualified to receive VA Benefits to pay for Care - is that what you are referring to?

 

Thank You

DennisS
Returning Member

Get your taxes done using TurboTax

Family Funds ?   Clarification for me if you don't mind

 

Thank You