Credit For Caring

ANCHOR INTRO:
IT'S COMMON FOR PARENTS TO CLAIM THEIR CHILDREN AS DEPENDENTS WHEN IT COMES TO TAXES, BUT UNCLE SAM HAS ALSO MADE IT POSSIBLE FOR FAMILIES TO DO A LITTLE ROLE-REVERSAL. IN TODAY'S HEADS UP, ______________ EXPLAINS HOW TAKING CARE OF YOUR AGING PARENTS MAY MEAN A SAVINGS AT TAX-TIME-IF YOU MEET THE GUIDELINES.

TRACK ONE Length : 05
TAMMY AND KEVIN HART ARE AMONG THE GROWING GROUP OF AMERICANS TAKING CARE OF THEIR AGING PARENTS.

SOT
KEY @: 06 Kevin Hart, Cares for Aging Parents
"We just felt like the health care where they lived just was not up to par."

TRACK TWO Length : 03
TO MAKE ROOM, TAMMY AND KEVIN EVEN MOVED TO A NEW HOME...

SOT
KEY @: 16 Tammie Hart, Cares for Aging Parents
"We decided that we'd build a larger one so we could encompass their family in addition to ours."

TRACK THREE Length : 09
THEY'RE ABLE TO HELP WITH THEIR PARENTS MEDICAL NEEDS, AND EVEN SIMPLE DAY-TO-DAY DUTIES.
THEY DO IT BECAUSE THEY WANT TO, BUT A BREAK FROM UNCLE SAM SURE WOULD SWEETEN THE DEAL.

SOT
Length: 02(Tammie Hart, Cares for Aging Parents)
"It's a wonderful idea."

TRACK FOUR Length : 09
THE INTERNAL REVENUE SERVICE OFFERS THE ADULT DEPENDENT TAX EXEMPTION TO THOSE WHO QUALIFY. IT MEANS A SAVINGS OF THREE-THOUSAND-TWO-HUNDRED DOLLARS FOR EACH DEDUCTION--

SOT
KEY @: 41 James Dupree, Internal Revenue Service
"To qualify, they have to have resided in your home as a member of your household over the last year."

TRACK FIVE Length : 07
OR, IN THE CASE OF PARENTS OR OTHER RELATIVES, THEY CAN RESIDE IN ANOTHER HOME, EVEN A NURSING FACILITY....BUT...

SOT
KEY @: 52 James Dupree, Internal Revenue Service
"They could not have earned more than 3-thousand-200-dollars. There are some payments, for example some Social Security payments, that are exempt from that amount."

TRACK SIX Length : 14
AND YOU MUST PROVIDE MORE THAN HALF OF THEIR FINANCIAL SUPPORT WHETHER THEY LIVE WITH YOU OR NOT. THAT'S A TOUGH ONE, AND RULES OUT MANY FAMILIES, LIKE THE HARTS, BECAUSE AGING PARENTS MAY HAVE RETIREMENT PAY OR INVESTMENT FUNDS THEY CAN COUNT ON.
ONE OTHER THING...

SOT
Length: 03(James Dupree, Internal Revenue Service)
"They cannot have filed a joint return with someone else."

TRACK SEVEN Length : 10
IF YOUR PARENT PASSES... YOU CAN ALSO TAKE ADVANTAGE OF TAX CREDITS FOR MEDICAL EXPENSES AND OTHER ASSISTANCE.
EVEN THOUGH THE HARTS DON'T QUALIFY, THEY SAY THEIR REWARDS ARE FAR MORE IMPORTANT

SOT
KEY @: 1:26 Kevin Hart, Cares for Aging Parents
"Having my children able to be around my parents, I can't describe how much that's worth to you. As they say, it's priceless."

ANCHOR TAG
EXPERTS SAY YOU SHOULD ALSO KNOW THAT ADULT DEPENDENTS MUST BE U-S CITIZENS OR CITIZENS OF CANADA OR MEXICO TO QUALIFY. IF YOU HAVE ANY QUESTIONS ABOUT ADULT DEPENDENT CARE, YOU CAN GO TO IRS-DOT-GOV OR CALL THE IRS TOLL FREE LINE AT 1-800-829-1040.

SOURCE INFORMATION

James Dupree
Internal Revenue Service
Baltimore, MD
Washington, DC
Northern Virginia
410-962-9324
james.Dupree@irs.gov