You'll need to sign in or create an account to connect with an expert.
Dependents are added in My Info. Do not mess with the dependent care credit unless you pay someone to take care of them when you work. If you claim your parents as dependents you get a $500 credit for other dependents for each of them. You do not add any other "expenses" for taking care of your parents unless you have any out of pocket medical expenses that you paid ---if you itemize deductions you can enter any medical expenses you paid for them as a medical deduction.
CREDIT FOR OTHER DEPENDENTS
Thank you for the information. However, the TurboTax website states that "you can count the fair market value of the room your parent(s) occupy in your home, the cost of food you provide, medical bills, and other living expenses that you also pay as your support." So I'm just not sure how to add these expenses?
You don't add these expenses, this is just a guide for you to determine if, in fact, you do provide over 50% of their support and qualify to claim them as your Dependents. If you are claiming your parents as your Dependents, it is assumed that you provide over 50% of their support.
This includes lodging, food, utilities, medical, clothing, recreation, etc. That is why you receive the extra $500 Credit for each of them on your tax return.
You can add any Medical Expenses you paid for them in the Medical Expenses section, which will be utilized if you file using Itemized Deductions.
Here's more info on What does Financially Support Mean?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Voegel98
Level 1
blackmax44
New Member
erickvaldez22
New Member
Gsxrchmiel01
New Member
sjohnston2010
New Member