Tax Credit for Caregivers

There is a proposed bill that would provide a federal tax credit of up to $3,000 to help eligible working caregivers who financially assist family members. AARP is urging members to call 844-259-9355 toll-free and ask their lawmakers to cosponsor the Credit for Caring Act. An average of $5,500 per year is paid by family caregivers to assist their loved ones who are over 50 and need help to live independently in their own homes. That saves taxpayer dollars by avoiding costly nursing home care, which is often paid by Medicaid, or unnecessary hospitalizations. In a national survey, nearly seven in ten family caregivers say they have used their own money to help care for a relative. This bipartisan bill offering tax credit would be a huge asset to those financially assisting their loved ones. From: AARP Bulletin/Real Possibilities October 2016

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