Claiming Parents as Dependents and the Stimulus Check

Claiming Parents as Dependents and the Stimulus Check
Dr. Friday Tax Tips - One Minute Mo...

 
 
00:00 / 1:00
 
1X
 

Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one minute moment.

Dr. Friday 0:13
We’ve had a couple of issues because in 2019, many people were claiming their age parents that may live in their home, and they help support and that person only has Social Security. So they were actually considered a dependent. But then we had this whole stimulus come out and a lot of people are like, “Wait for a second, they only got $500 by taking them on the tax return, and there’s $1,200 on the other side.” So you want to be able to figure out what’s going to be best. This year, you might still claim them because it’s $600 on the stimulus and $500 is a deduction, but you might want to consider both options. If you need help or you want to set an appointment go to drfriday.com.

Announcer 0:52
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.