Tax Tip of the Week
900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 ·
215.563.0276 ·
Fax: 856.667.3652
How to secure a tax exemption for supporting your parents
For the week of
December 25, 2000
If you and your siblings support your parents, you may be
able to claim them as an exemption on your tax return.
If you and your siblings provide more than 50% of your parents' support, any one of you who paid more than 10%
of the parents' support can claim the exemption. The group must decide who will get the exemption and sign a “Multiple
Support Agreement” giving that information. The designated person can change from year to year as the parties agree.
If the combined support for both of your parents is less than half their total support, can you claim an exemption?
Yes. You can designate that all the support money is for one parent, therefore allowing one exemption to be available
to you and/or the group.
If you have tax questions, please contact
us. We are here to see that you pay no more tax than the law requires.
Click here to view previous tax tips.
"Tax Tips" are published weekly to
provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders,
and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation
without further details and/or professional assistance.
If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list
to receive other tax-cutting information from time to time, please contact our office. We're here to help.
