We wanted to share this great article from the Special Needs Alliance about important tax implications of caring for a loved one with special needs. As always, consult a tax adviser to discuss the details of your particular situation.
Income Taxes and Special Needs
As April 15 looms, people with special needs – and their families, caretakers and trustees – think about the same thing that preoccupies every other American: income taxes. But are there special rules, benefits or practices that are particularly focused on people with special needs? Of course there are.
We wrote about tax tips for parents with a child with special needs back in April of 2014, and the information we shared then is still mostly applicable – though with updated figures for this year’s tax filings. In March of 2014, we wrote about tax returns filed by the trustee of a special needs trust, and that information is also still accurate (but with updated figures). You should read those articles! Today, we will update the information in our earlier articles, and add the few new things that have developed since those articles.
To read more of the article, visit the Special Needs Alliance website here.