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FederalInquirer
Level 2

Dependent Parent Lives With Me But Has Savings

Hello,

 

My mother is elderly, retired, and lives with me. I pay for more than 50% of her living expenses. She has a savings account. Does having savings disqualifies her as being my dependent?

 

Thanks in advance,

 

Rick

 

1 Best answer

Accepted Solutions
xmasbaby0
Level 15

Dependent Parent Lives With Me But Has Savings

No, her savings does not count as "income" -- if she has less than $4200 of income NOT counting Social Security you may be able to claim her as your dependent.  

 

IRS interview to help determine who can be claimed:

https://www.irs.gov/help/ita/who-can-i-claim-as-a-dependent

 

If you claim her you get the $500 credit for other dependents.

CREDIT FOR OTHER DEPENDENTS

https://ttlc.intuit.com/questions/4499708-what-is-the-500-credit-for-other-dependents-family-tax-cre...

 

 

Just so you are clear--if she is claimed as your dependent she does not get a stimulus check.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

View solution in original post

2 Replies
xmasbaby0
Level 15

Dependent Parent Lives With Me But Has Savings

No, her savings does not count as "income" -- if she has less than $4200 of income NOT counting Social Security you may be able to claim her as your dependent.  

 

IRS interview to help determine who can be claimed:

https://www.irs.gov/help/ita/who-can-i-claim-as-a-dependent

 

If you claim her you get the $500 credit for other dependents.

CREDIT FOR OTHER DEPENDENTS

https://ttlc.intuit.com/questions/4499708-what-is-the-500-credit-for-other-dependents-family-tax-cre...

 

 

Just so you are clear--if she is claimed as your dependent she does not get a stimulus check.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
FederalInquirer
Level 2

Dependent Parent Lives With Me But Has Savings

Thank you for the great help and references

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