If I pay for in-home elder care services for my parents, am I able to take any deductions? I am filing as a Single and require someone to take care of my parents while I work.
And if my parents paid for some of the services to take care of them (post-surgery, doc appts, housework, etc.), can they claim any of the expenses on their tax return if they filed Married Filing Jointly? They get Social Security, have 1099-INT, 1099-R.
I filled out the ITA IRS form (https://www.irs.gov/help/ita/do-i-qualify-for-the-credit-for-the-elderly-or-disabled) and it seems like I would qualify for a maximum of $6K and would have to submit Form 2441, Child and Dependent Care Expenses. When I filled out the form, I answered for each parent with:
None
And repeated the same for Mom.
We paid ~$6K in cash for in-home care services in 2023.
Does this sound correct that a deduction is possible? Either I take it or my parents?
My parents do not qualify for the "Elderly or Disabled Credit'. And when I enter the information for the question "Did you pay for child and dependent care in 2023?", I selected "No" because the description has:
"We might be able to get you a big break on your taxes if you paid someone to take care of a child or a dependent so you could work, look for work or go to school." - my parents are retired.
Trying to figure out if there is a eligible deduction that can be considered. Any help / advice would be greatly appreciated.
Thank you!!
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According to the IRS, a qualifying individual for the child and dependent care credit is:
Physically or mentally not able to care for oneself - An individual is physically or mentally incapable of self-care if, as a result of a physical or mental defect, the individual is incapable of caring for his or her hygiene or nutritional needs or requires the full-time attention of another person for the individual's own safety or the safety of others.
In order for you to claim the Dependent Care Credit, your parents would have to live with and be supported by you, and would qualify as your dependents except for the gross income test ($4,700 for 2023 per person), as well as meet the other qualifications above,
If all of these tests are met, you can enter the expenses you paid in the Deductions and Credits section of TurboTax on your return and complete the interview questions to determine whether you are eligible for the credit. See this TurboTax tips article for more information.
If you are paying a household employee directly, who is not employed by an agency, then you would need to file Schedule H with your tax return, and you have responsibility for paying and reporting employment taxes. See this TurboTax tips article for more information,
Your parents may have medical expenses. See Publication 502, Medical and Dental Expenses. As for you, follow these steps:
Any suggestions or advice?
According to the IRS, a qualifying individual for the child and dependent care credit is:
Physically or mentally not able to care for oneself - An individual is physically or mentally incapable of self-care if, as a result of a physical or mental defect, the individual is incapable of caring for his or her hygiene or nutritional needs or requires the full-time attention of another person for the individual's own safety or the safety of others.
In order for you to claim the Dependent Care Credit, your parents would have to live with and be supported by you, and would qualify as your dependents except for the gross income test ($4,700 for 2023 per person), as well as meet the other qualifications above,
If all of these tests are met, you can enter the expenses you paid in the Deductions and Credits section of TurboTax on your return and complete the interview questions to determine whether you are eligible for the credit. See this TurboTax tips article for more information.
If you are paying a household employee directly, who is not employed by an agency, then you would need to file Schedule H with your tax return, and you have responsibility for paying and reporting employment taxes. See this TurboTax tips article for more information,
Thank you, @MonikaK1.
Bullet (b) applies as in they are physically incapable of self-care, lived with me (filing as single) for more than half of the year BUT my parents gross income is more than $4,700 filing their own joint return and are not my dependents.
In the "Your 2023 Deductions & Credits" section > section "You and Your Family" >
So, I guess my parents income has to be under $4,700 for the year in order to me to qualify taking any deduction/credit. And I do not know how to claim them under "A person above the gross income limit for dependents - If the person who received the care would have been your dependent but he or she did not meet the gross income requirement (he or she earned more than $4,700, the limit for gross income), you can claim his or her care expenses as long as you meet other requirements for the child and dependent care credit."
I am confused.
Your parents may have medical expenses. See Publication 502, Medical and Dental Expenses. As for you, follow these steps:
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