The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Supporting one parent financially Date:  9/27/2000  10:32 PM
Author:  TMFExRO Number:  40381 of 127613

Let's say that X is the amount of money which constitutes more than half of her annual income.

Her annual income is irrelevant with respect to the support test. What's important is how much is spent on her support, and who pays more than 50% of that amount. For example, let's say that her only source of income is Social Security which is not included in her gross income. If she banks 90% of that and spends 10% on her support, only the 10% is used in calculating the support test.

Phil Marti
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us