If you supported an elderly parent last year, you might qualify for an adult-dependent exemption of up to $4,050 on your 2017 tax return. For you to qualify, in most cases your parent must have less gross income for the tax year than the exemption amount and you must have contributed more than 50% of your parent’s financial support. For 2018, the exemption is suspended, but you might be eligible for a $500 “family” tax credit for your adult dependent. We’d be happy to provide additional information. Contact us to learn more.