Wednesday, January 3rd 2024, 10:18 pm
People taking care of loved ones at home can now qualify for a tax credit. A tax credit of up to $3,000 can be claimed on tax returns this year.
“It’s meant to keep people in their own homes,” said AARP Sean Voskuhl, AARP Oklahoma state director.
A piece of legislation is now an Oklahoma law to help home caregivers in Oklahoma. “It also saves the state millions and millions of dollars,” Voskuhl said. “They’re really the backbone of our long-term care system in Oklahoma.”
The Caregivers Act allows a tax credit of up to 50% of eligible caregiver costs -- up to $2,000 or $3,000 in tax credits. The $ 3,000 amount is for caregivers with loved ones with Alzheimer's or dementia. That's money for things Medicare doesn't cover -- such as “home modifications, durable medical equipment; helping offset costs for home health,” Voskuhl said.
Rep. Tammy West, R-Oklahoma City, pushed for this funding because she experienced this with her grandparents. “I lived it,” West said. “There is a huge toll emotionally, physically, and financially.”
A reality facing 490,000 Oklahomans, according to AARP, who provide $6.6 billion in unpaid care. “Sometimes they have to quit their jobs in taking care of their loved ones,” Voskuhl said.
Voskuhl said this money will lessen the burden on families. “Hopefully that will be a start in providing additional care and support for our family caregivers,” Voskuhl said.
Words on a piece of legislation, West said, are now an avenue for families to keep their loved ones at home. “The memories you make by being able to give that gift, they’re irreplaceable,” West said.
AARP has a list of facts about people who qualify and how to file expenses this tax season. It is important caregivers save their receipts for the whole year.
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