If you parents qualify as your dependents you already receive an exemption of $4050.00 for each of them. To receive this exemption simple place their information (Names and Social Security Numbers) in the dependents section of your Personal Info in TurboTax.
You are also able to claim the Dependent Care Credit. This credit allows you to deduct a certain amount of Caregiver expenses. Another available option, if your Itemize your Deductions, are Medical Expenses. If pay for your Parent's Medical Expenses, you can place these as Itemized Deductions (Schedule A) in your Tax Return. Please remember that Schedule A is the counterpart of the Standard Deduction. If the sum of Itemized Deductions in Schedule A does not exceed the amount of your Standard Deduction, Schedule A will not be beneficial to your tax return.
For more information on deducting Medical Expenses and the Dependent Care Credit please view the FAQs below:
https://ttlc.intuit.com/replies/3301457
https://ttlc.intuit.com/replies/3301418
