This bipartisan proposal aims to offer a tax credit of up to $5,000 for family caregivers
who incur long-term care expenses. Key details include:
- Credit Amount: 30% of qualified expenses exceeding $2,000, with a maximum credit of $5,000.
- Eligibility: Caregivers must have an income greater than $7,500 and provide care for a spouse or dependent relative with long-term care needs.
- Support: The proposal has garnered strong bipartisan support, with 84% of voters in favor, according to an AARP survey.
Eligibility and Application Tips
- Income Requirements: Most programs require a minimum income threshold.
- Documentation: Caregivers must provide detailed records of care provided, including hours and nature of services.
- State-Specific Forms: Applications often require specific forms or affidavits, which can be obtained from state revenue departments.
- Annual Deadlines: Be aware of application deadlines, which vary by state.
If you have any questions, please reach out to your local tax professionals at Meadville
Tax Service, 814-333-2488 or info@meadvilletaxservice.com.
