How to claim your parents when filing.

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If you are able to claim your parents as a dependent you may be able to qualify for a tax exemption. You may also be able to utilize a medical expense deduction as well, that a low tax bracket individual is unable to use.

You mother, your father, father-in-law and mother-in-law all qualify as acceptable parents. To claim your parents as dependents they have made less than about $2500 gross for the year they are being claimed as a dependent.

You also must pay for at least one half of your parents support for the year. Medical expenses is included in their definition to allow more children to meet the support requirements. If there are two children providing equal support for a parent only one child can claim the parent as a dependent. You also have to be a US citizen or a resident of Canada or Mexico.

Hint if your parents provide you with the money to pay for his medical expenses, you can still claim these expenses on your tax return. The money given to you by your parents cant be earmarked for medical expenses. To qualify for this your medical expenses must be over 7.5% of your adjusted gross income

Taken advantage of this method will definately get your parents out of  a bind.  This method creates a win win situation for everyone. This is something thats offered that not many people no about, now that you are informed you should take the necessary steps to help your parents


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