Caregivers may be able to claim stroke survivors as dependents if family member is providing half of their medical support.
Ann Ahlers Feb 06, 2014
If you are a caregiver taking care of a family member who has had a stroke, and if you provide more than half the support for the stroke survivor, you may be able to claim your family member as a dependent. Any medical expenses you pay for the dependent would be deductible on your tax return.
Respite Care
Some expenses that you might not have thought of as deductible are respite care expenses. According to Lindsey Buchholz, lead research analyst at H&R Block’s Tax Institute, “respite care expenses can be deductible if the care is provided to a chronically ill individual.” A chronically ill individual is defined as someone who, in the last year:
• cannot perform at least two activities of daily living, such as eating, toileting, bathing or dressing without substantial help for at least 90 days due to loss of functional capacity; or
• requires substantial supervision to protect from threats to health and safety due to severe cognitive impairment, even if he or she is otherwise physically able.
• requires substantial supervision to protect from threats to health and safety due to severe cognitive impairment, even if he or she is otherwise physically able.
A licensed healthcare professional must certify that an individual is chronically ill.
“If an individual meets the requirements above,” says Buchholz, “the expenses would be deductible as medical expenses.”
“If an individual meets the requirements above,” says Buchholz, “the expenses would be deductible as medical expenses.”
Child and Dependent Care Credits
If you are claiming a stroke survivor as a dependent, you may be able to claim medical expenses on your tax return as “child and dependent care credits.”
“The child and dependent care credit is 20 to 35 percent of the expenses paid, depending on income,” says Buchholz. “The maximum amount of expenses that can be claimed is either $3,000 for one qualifying individual or $6,000 for two or more. Taxpayers cannot deduct the expenses as medical and also use them to claim the credit, but can choose the option that yields the best result.”
Talk to a tax professional to find out the best way to claim medical expenses and dependents.
“The child and dependent care credit is 20 to 35 percent of the expenses paid, depending on income,” says Buchholz. “The maximum amount of expenses that can be claimed is either $3,000 for one qualifying individual or $6,000 for two or more. Taxpayers cannot deduct the expenses as medical and also use them to claim the credit, but can choose the option that yields the best result.”
Talk to a tax professional to find out the best way to claim medical expenses and dependents.
No comments:
Post a Comment