Hello!
My wife and I support her mom financially. She lives on her own but we pay rent and her other expenses - she qualifies as our dependent.
My question is... In Turbotax I see that we get a $500 credit for listing my mother in law as a dependent, but are we able to itemize the payments we've given her for a larger deduction? The majority of what we pay for are housing, food, gas, car insurance. In 2023 it equated to about $18,000.
If we are able to deduct the $18,000, could someone point me where this would be in Turbotax? I swear I've clicked through close to 10 times now, haha. 🙂
Thank you!!
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No. You can get the $500 credit for other dependents if you claim your MIL. You do not get to enter any other expenses you paid on her behalf with the exception of any medical expenses you paid for her. You do not get to deduct her insurance, rent, her utility bills, food, etc. etc. Sorry.
No, you can't deduct the amount you pay to support a dependent.
One exception is medical, dental, and prescription costs. If you pay these costs for her, you can deduct them along with the medical, dental, and prescription expenses for yourselves.
No worries - thank you!
Thank you!
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