Can You Claim Your Parents as Dependents on Your Taxes If They Have Obamacare?
In this blog post, we’ll provide information about claiming your parents as dependents on your taxes if they have Obamacare.
The Basics of Claiming Dependents
To claim someone as a dependent on your taxes, they must meet certain requirements. These requirements include:
The person must be your child, stepchild, foster child, sibling, step-sibling, or descendent.
The person must not provide more than half of their own support.
The person must live with you for more than half the year.
ACA Subsidies
If your parents meet the requirements to be claimed as dependents, you may be able to claim them on your taxes. However, if your parents receive ACA subsidies, this could affect your ability to claim them as dependents.
ACA subsidies are available to people who have low incomes. If your parents receive ACA subsidies, they may not be eligible to be claimed as dependents on your taxes.
How to Find Out if Your Parents Are Eligible to Be Claimed as Dependents
If you’re not sure if your parents are eligible to be claimed as dependents, you can contact the IRS at 1-800-829-1040. The IRS can help you determine if your parents meet the requirements to be claimed as dependents.
Conclusion
If you’re considering claiming your parents as dependents on your taxes, it’s important to do your research and make sure that they meet the requirements. If your parents receive ACA subsidies, you may not be able to claim them as dependents. However, if your parents do not receive ACA subsidies, you may be able to claim them as dependents and receive a tax break.
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