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Message
Claiming dependents
Posted on 1/4/24 at 10:34 am
Posted on 1/4/24 at 10:34 am
Going through a divorce. If wife decided she wanted no child support in exchange for house and land (maybe $200,000 value with about $110,000 left to pay) and I pay for kid’s health insurance premiums, is it reasonable for me to ask to be able to claim 1 child (we have 2) on my taxes? Kids ages are 10 and 7.
16
Posted on 1/4/24 at 10:36 am to tigger4ever
No
Posted on 1/4/24 at 10:38 am to tigger4ever
Go create some more dependents with your new young wife.
Kidding. Ask your lawyer.
Kidding. Ask your lawyer.
Posted on 1/4/24 at 10:38 am to tigger4ever
LINK
Here you go!
Some divorced parents alternate years of claiming children. Some claim one kid while the other parent claims the other.
Here you go!
quote:
Noncustodial parents may be eligible to claim a qualifying child.
Special rules apply for a child to be treated as a qualifying child of the noncustodial parent.
The custodial parent can release the dependency exemption and sign a written declaration or Form 8332, Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent for the noncustodial parent to submit with their tax return.
This also applies to some tax benefits, including the child tax credit, additional child tax credit, and credit for other dependents. It doesn't apply to other tax benefits, such as the earned income credit, dependent care credit or head of household filing status.
Some divorced parents alternate years of claiming children. Some claim one kid while the other parent claims the other.
This post was edited on 1/4/24 at 10:49 am
Posted on 1/4/24 at 10:38 am to tigger4ever
Which parent supports them more?
This needs to be spelled out in your divorce decree.
This needs to be spelled out in your divorce decree.
Posted on 1/4/24 at 10:39 am to tigger4ever
Are you splitting custody time evenly? My ex and I have it where my son spends two weeks with me, then two with her. No child support either way, and I pay for health insurance. We alternate years on who gets to claim him on taxes.
Posted on 1/4/24 at 10:39 am to tigger4ever
You guys should each claim one so you can both file as head of household.
Posted on 1/4/24 at 10:40 am to MintBerry Crunch
quote:
Kidding. Ask your lawyer.
Do not ask a lawyer tax questions unless this lawyer specializes in tax law. Ask a CPA or other tax professional. Asking a lawyer about this can get you into some deep doo doo.
Posted on 1/4/24 at 10:41 am to LSUFanHouston
quote:
This needs to be spelled out in your divorce decree.
This won’t have any effect on federal taxes.
Posted on 1/4/24 at 10:43 am to tigger4ever
It goes to whoever the kids stay with the longest during the year.
Posted on 1/4/24 at 10:44 am to dgnx6
quote:
It goes to whoever the kids stay with the longest during the year.
This is correct.
Posted on 1/4/24 at 10:46 am to tigger4ever
You just have to file & claim them before your ex does. Whomever files first, wins.
Posted on 1/4/24 at 10:47 am to tigger4ever
quote:
Going through a divorce. If wife decided she wanted no child support in exchange for house and land (maybe $200,000 value with about $110,000 left to pay) and I pay for kid’s health insurance premiums, is it reasonable for me to ask to be able to claim 1 child (we have 2) on my taxes? Kids ages are 10 and 7.
Either way it won't lower your tax burden by a helluva lot. It'll lower your taxable income but your over all tax bill won't be much less...may not be worth the discussion.
Posted on 1/4/24 at 10:49 am to boddagetta
quote:
You just have to file & claim them before your ex does. Whomever files first, wins.
This is a great way to intentionally get in trouble with the IRS.
Posted on 1/4/24 at 10:54 am to southdowns84
quote:
This is a great way to intentionally get in trouble with the IRS.
You have to pick your battles. Ex paid child support plus all healthcare. We paid tuition and they lived with us. Was easy to simply let him claim them, prevented the inevitable court battle to decide the OTHER things. He felt he got over with claiming them, we didn’t contest.
Posted on 1/4/24 at 10:54 am to AwgustaDawg
quote:
Either way it won't lower your tax burden by a helluva lot. It'll lower your taxable income but your over all tax bill won't be much less...may not be worth the discussion.
It really isn’t worth getting attorneys involved. They just need to cooperate and not both claim the same kid.
Posted on 1/4/24 at 10:57 am to Tchefuncte Tiger
quote:
Some divorced parents alternate years of claiming children.
This is the way.
Posted on 1/4/24 at 10:57 am to southdowns84
Go ask at the tax booth located across from the bathrooms at Walmart , how do I get the most child tax credits and deductions. They are the experts at claiming 8-12 dependents located in their home country. SS numbers not required.
Posted on 1/4/24 at 11:02 am to southdowns84
quote:
This is correct.
I just wouldnt try to complicate things more. If the kids stay with the ex most of the year, just let them claim them. They are the custodial parent.
Tax code is already a bitch and becomes even more so dealing with divorce and separated people. And that even depends on what year you got divorced.
Posted on 1/4/24 at 11:03 am to tigger4ever
First get a test to see if you are the real father.
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