Dependent Parent Lives With Me But Has Savings

[FederalInquirer]

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

[xmasbaby0 · Accepted solution]

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.

[FederalInquirer]

Thank you for the great help and references