Divorce is a tough subject. Whether a couple has been legally bound for one year or twenty, the official dissolution of a marriage is a tangled web of memories, emotions, and obligations. However, post-divorce taxes may rank among the most frustrating subjects to confront. The team at Taxation Solutions, Inc. has more than 40 years of experience in helping divorced spouses settle tax matters. Don’t wade through your tax situation blind while your life is changing. Let us guide you through the legalities regarding your future tax needs.
Who Claims the Kids as Dependents?
One of the most common tax decisions divorced parents need to make is, “Which parent should claim the child or children of the marriage as dependents?” Typically, the custodial parent, which is defined as the parent with whom the child or children spend the greatest number of nights during the year, will claim the child(ren) as dependent(s).
The non-custodial parent may claim the exemption under certain circumstances. The custodial parent must sign a statement to officially transfer this dependency to the other parent. This statement may cover one year, a set of specified years, or all future years. No matter what, Taxation Solutions, Inc. can review the specifics of your situation and determine the most logical and responsible choice for your circumstances.
Another possible option is a multiple support agreement. In this situation, a group of taxpayers who are responsible for supporting the dependent agree, among themselves, who is responsible for claiming the dependency.
These are only two of the myriad, complex situation—and corresponding solutions—that can arise regarding taxes as they apply to the children of a dissolved marriage. Divorce is a difficult thing to navigate, but when it comes to your taxes, the team at Taxation Solutions, Inc. can be your road map. Let us guide you!