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Deductions & credits
That depends. Parents do not have to live with you as a member of your household all year to claim them as a dependent. However, the person must have gross income of less than $4,200, and you must also provide more than half of their total support. You need to sum the amounts of annual rent, medical, utilities, meals, etc. and determine if your contribution exceeds half of the total cost. If this is the case, you could be entitled to the Credit for Other Dependents, which would reduce your tax liability by $500.
Claiming a Parent as a Dependent
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‎January 20, 2020
11:42 AM