- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
The $4300 figure (it’s probably $4400 for 2022 but we haven’t seen the forms yet) refers to taxable income. If the elderly parent has more than $4300 of taxable income, then no one else can claim them as a dependent. Social Security is not taxable income if it is their only income. Social Security may be taxable depending on the amount of a person’s other income.
However, even if Social Security does not count as taxable income for the income test, it still counts as support the person provides themself for the support test.
September 3, 2022
2:25 PM