A Stern warning…
Stern Advice: Tax breaks for the Sandwich Generation
– Work with your siblings to help Mom. Unlike your child, your aging parent doesn’t have to live with you to qualify as a dependent. If she is in a nursing home or assisted living facility and you provide more than half of her support, she’s a dependent. You don’t even have to do it all by yourself — all of the money that you and your siblings put in together can be counted as one.
This is incorrect, in that your child does NOT have to live with you to qualify as a dependent.
An adult child who earns less than $3,650 will qualify as a Qualifying Relative, and thus a dependent, even if he/she does NOT live with you, as long as you provide over half of his/her support.
Look it up. Then correct it, please.
Thanks. We did look it up, and we corrected it: GBU Editor
Holding a tax rebate letter from the Internal Revenue Service, U.S. President George W. Bush speaks about the economy during a visit to a small business in Sterling, Virginia, March 26, 2006. REUTERS/Kevin Lamarque