Approximately 2.7 million grandparents are raising their grandchildren nationwide with the number growing every day. Individuals faced with such a challenging situation should know they may qualify for a variety of tax breaks to ease the financial burden of being primary caregivers for grandchildren. These include head of household filing status, exemption for the child, earned income credit (EIC), child tax credit (CTC), credit for child and dependent care expenses, credits or deductions for qualified education expense, deductions for medical and dental expenses, the adoption credit and state tax breaks.
For more information or to find out if you or someone you know qualifies, please visit: https://www.irs.gov/credits-deductions or speak with your local tax expert.