It’s tax time… who claims the kids?
Did you talk about this one before the divorce became final? I hope you did.
Who gets to claim the kids?
A few points to consider:
- Do you have shared physical custody, or is one parent holding sole physical custody?
- Who pays the child’s health insurance?
- Where does your child spend most of his or her time? With you, or with the ex?
- Who pays child support and/or alimony? This one doesn’t necessarily shift the balance in favor of the one who’s paying… so don’t back down if your ex is paying, and you feel it’s important for you to have the tax deduction
I need to look at my exemptions and see whether I’m doing it correctly. The IRS has a handy worksheet to help you figure out how many exemptions to take. I suggest you fill it out, and put more money in your pocket in 2008. Start here with some basic information about witholdings and taxes, and then download a copy of the W-4 form and complete the worksheet on page 2 to see if your withholdings are correct.
Tags: claiming-children-on-taxes, deductions, exemptions, head-of-household, taxes, W-4, withholdingsRelated Stories
POSTED IN: finances
2 opinions for It’s tax time… who claims the kids?
Elissa
Jan 17, 2008 at 11:17 pm
Ok so get this… I had our settlement agreement prepared and my ex signed off on me having sole physical and legal custody, in spite of the fact that he does see them about 30 hours a week (they spend one night a week with him). He also signed to his being able to claim the kids for 2007 but then for me to claim them every year after that. He’s obviously not the sharpest tool in the shed but that works out well for me!
Christina
Jan 18, 2008 at 3:37 pm
oh my GOODNESS Elissa. There’s the portrait of a man who just wanted things over and done with. Well, I’m glad you have control over things, and I hope you use your power for good, not evil, Grasshopper ;-)
Have an opinion? Leave a comment: