2016 study by AARP found that the average caregiver spends $6,954 a year on out-of-pocket costs caring for a family member. The expenses range from $7 for medical wipes to tens of thousands of dollars to retrofit a home with a walk-in shower or hire outside help.
At the federal level, bills that would have created a federal income tax credit of up to $3,000 never got out of congressional committees last year.
“Whether I’m in Billings, Mont., or in Mississippi, the caregiver tax credit is something that people are asking for,” Ryan said. “All they’re asking for is a little financial help to offset these costs.”
A tax credit, said Brown and other caregivers, would be welcome relief to the estimated 4.5 million family caregivers in California who care for a loved one with a chronic, disabling or serious health condition. Nationwide, the AARP estimates there are about 40 million people caring for family members.
via Kaiser Health News.
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Providing Social Security Credits for Caregivers.
- In computing the Social Security retirement or disability benefit, imputed earnings for up to five family service years should be granted to a worker who leaves or reduces his/her participation in the work force in order to provide care to children under the age of six or to elderly family members.
