If you and your siblings support your parents, you may be able to claim them as an exemption on your tax return.
If you and your siblings provide more than 50% of your parents' support, any one of you who paid more than 10% of the parents' support can claim the exemption. The group must decide who will get the exemption and sign a "Multiple Support Agreement" giving that information. The designated person can change from year to year as the parties agree.
If the combined support for both of your parents is less than half their total support, can you claim an exemption? Yes. You can designate that all the support money is for one parent, therefore allowing one exemption to be available to your and/or the group.
If you have tax questions, please contact the CPAs of Kenneth D. Eichner, P.C. We are here to see that you pay no more tax than the law requires.