This year, when you file your taxes, you may find that the government is willing to help offset some of the costs of financially caring for your parents. There a multiple ways that you can get tax assistance for parental support when you file your 2014 return. A new dependency tax care credit, along with the ability to claim a parent as a dependent could supplement tax breaks that also allow you to write off parental medical expenses. You may be entitled to one or more of these if you meet the government requirements for parental dependency.
What Qualifies A Parent as A Dependent?
According to the Internal Revenue Service's basic dependency rule, you need to have been responsible for over half of your parent's yearly income in order to claim mom or dad on your tax form. For each dependent that you claim, you reduce your taxable income by $3,950.
It's not necessary that your parents live in your household, but there are a few requirements to meet in order to gain exemption.