<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - Here and now: Help for caregivers"/><p class="gnt_ar_b_p">Most parents claim their children as dependents on their taxes, but now an increasing number of Americans are claiming their parents, according to a recent survey.</p><p class="gnt_ar_b_p">More than 54% of Americans aged 25 or older with a living parent said they’re claiming their parents on their taxes this year, and 53% of them said they started doing so in the past two years, according to a <a target="_blank" href="https://www.caring.com/caregivers/senior-financial-dependency-study/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">Caring.com survey</a> last month of more than 4,000 people.</p><p class="gnt_ar_b_p"><a target="_blank" href="http://www.usatoday.com/story/money/personalfinance/2022/09/19/seniors-only-age-group-seeing-rise-poverty/10399857002/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">Poverty among older adults</a> at least 65 years old has grown faster than any other age group in the past few years as inflation has risen, Census Bureau data show. That’s left <a target="_blank" href="http://www.usatoday.com/story/news/nation/2013/01/30/sandwich-generation-stress/1873031/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">many adult children supporting their parents</a> and claiming them as dependents to save potentially thousands in dollars in taxes to help defray those costs.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><h2 class="gnt_ar_b_mt">How much does caregiving cost?</h2><p class="gnt_ar_b_p">More than 48 million Americans are caregivers, providing <a target="_blank" href="https://states.aarp.org/north-carolina/support-for-family-caregivers-through-the-credit-for-caring-act" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">$470 billion</a> in unpaid care for their loved ones. That’s doing everything from helping prepare meals and paying bills to assisting with medication and medical/nursing tasks in order to help parents, spouses and other loved ones live independently in their homes.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">The average caregiver in the U.S. spent <a target="_blank" href="http://www.usatoday.com/story/money/2024/01/31/caregivers-congress-tax-credit-for-caring-act/72408400007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">$7,242 in out-of-pocket</a> costs in 2021, according to AARP.</p><p class="gnt_ar_b_p">Many caregivers also are part of the so-called “<a target="_blank" href="http://www.usatoday.com/story/money/2023/11/17/sandwich-generation-helping-parents-children/71590330007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">sandwich generation</a>,” simultaneously taking care of their parents and children. Of the 54% of Americans claiming their parents on their taxes this year, 74% have at least one child dependent, Caring.com said.</p><aside class="gnt_em gnt_em_anc" id="gnt_atomsnc" data-g-r="lazy" data-gl-method="loadAnc" aria-label="Newsletter signup form"/><p class="gnt_ar_b_p">“As the <a target="_blank" href="http://www.usatoday.com/story/news/2023/03/01/baby-boomers-age-range-years/11151270002/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">Baby Boomer...</a></p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/2024/04/10/americans-claiming-caretaker-tax-credit-more/73261806007/">Read more <span>➤</span></a> </div>
