Tax Breaks Available for Parents Helping Their Parents

Sandwich Generation Feeling the Squeeze of Supporting Elderly Parents, Boomerang Kids

More than 40 percent of baby boomers who have a living parent are helping with their care.* Whether health or financial problems, or literally “giving back,” millions of adults are assisting their parents with monetary support. Many also are raising children or supporting their Generation Y children, making them part of the sandwich generation.

The sandwich generation may find relief in the form of tax breaks. The $3,650 qualifying relative exemption can help buffer expenses related with supporting parents. Non-relative qualifying dependents also may allow supporters to claim expenses associated with their care. The eligible expenses include food, lodging, clothing, education, medical and dental care, recreation and transportation.

To read about qualifications, visit http://money.cnn.com/news/newsfeeds/articles/marketwire/0592795.htm