New Tax Credit For Those Caring For Sick Or Elderly Loved One

If you're taking care of a sick or elderly loved one, you may be eligible for a tax credit of up to $3,000.

Start saving your receipts, because the credit can be claimed on income tax returns this year.

Almost 500 thousand Oklahoma families take care of a sick or disabled loved one. While it’s a labor of love, it can also be costly -- something House majority leader Tammy West is hoping her new legislation will help with. “I really think we've come up with something that will help families and will make a difference long term,” said West.

West said that the credit will cover things that Medicare does not cover. Ramps, home modifications for bathrooms, and other items that will help a loved one become more independent at home will be covered.

Who's eligible? 

The Caring for Caregivers Act will allow a tax credit of up to 50 percent of eligible caregiver costs, capped at $2,000 per year for most participants - and $3,000 per year for those caring for veterans or people with dementia.

Single filers must have an income below $50,000 and joint filers below $100,000.

How do I get the credit?

The credit will be available for the 2024 tax year - and can be claimed on income tax returns.