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Posts Tagged alimony and taxes

Taxes and Divorce, What You Need to Know

taxes2Finances and taxes are a significant issue during divorce, especially when children are involved. There are also special rules in the tax code that govern divorce and separation. It’s important to be apprised of these rules.

Dependency Exemption. If you are the custodial parent of the children, you can claim a dependent exemption of $3,950 (for 2014) for each child. The noncustodial parent may claim the dependent exemption and the child tax credit for the children with the consent of the custodial parent. For this change to be valid, the custodial parent must sign IRS Form 8332 Release of Claim to Exemption for Child of Divorced or Separated Parents . The noncustodial parent must attach the signed release to his or her income tax return each year for which the dependency exemption is claimed.

Even if the noncustodial parent takes the exemption, the parent who has custody of the child can still claim Head of Household filing status, which results in a lower tax liability. The custodial parent may also qualify for the Child Care Credit, Exclusion for child Care Benefits and the Earned … Read More »

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