Who gets to claim the kids as dependents on their taxes?

jeff.wilson1.cpa • February 17, 2023

It's that time of year again, folks - Tax Season! And for those who are divorced or separated, there's one big question looming: who gets to claim the kids as dependents on their taxes this year?


Well, the determination of who can claim a child on their taxes as a dependent is usually based on where the child lived for the majority of the year. If little Johnny or little Susie lived with one parent for over half of the year, that parent is typically considered the custodial parent and has the right to claim the child as a dependent.


But, what if the parents have joint custody and the child lived with each parent for about the same amount of time? In that case, the parent with the higher income may have the ability to claim the child as a dependent.


Another thing to keep in mind is that parents can come to their own agreement and sign a Form 8332, Release/Revocation of Release of Claim to Exemption for Child by Custodial Parent. This form would allow the noncustodial parent to claim the child as a dependent.



So, there you have it, folks - a quick rundown on the basics of claiming dependents on your taxes when you're divorced or separated. But, let's not forget, tax rules and laws can change and may differ by state, so it's always a good idea to consult a tax professional or attorney to help you understand your specific situation. And remember, whether you're a single parent or a couple, the most important thing is that you're doing what's best for your kids!


W2 Group - Accounting Firm

By jeff.wilson1.cpa July 18, 2023
Most would argue that you can’t put a price on certain things. For example, family or health could be considered priceless things. However, some situations will challenge you with the question how much is this priceless item worth to you? Before moving out and separating from my Ex-husband, we had two loving dogs, a reptile, and a cat living in our home. I left with the cat, the reptile, and one of the dogs. Some may say I was fortunate to take as many animals as I did, and it was more than fair for my Ex to keep one of the dogs. Perhaps this may be true as a business transaction, but emotionally I was torn and felt it was unfair. When it came time to file for divorce, the question presented itself, how much did I love the dog I left behind? How much will I spend on lawyer fees to get the dog back? The short answer to both questions a lot! I knew deep down the dog would receive better care from me. I cared for the animals as if they were my kids, raising them all from their baby stage. I worked from home, so I and the dogs spent a lot of time together in my home office (especially during the potty-training phase). I discussed with my lawyer all the potential outcomes for her return or not, how long it could take, and how the courts treat these circumstances on average. Thus, I took my chances and filed my divorce for the dog to return to me and left it to the universe to decide the outcome. However, like other marital property the decision for who keeps the dog, and other property is at the discretion of the judge. The contention I had to keep the dog was the current living circumstances for us. I primarily sustained the household and maintained a stable job, as he was mostly unemployed during our marriage. I was prepared to show in court proof of all the expenses paid and the care for them was predominantly from me. From pet store expenses with toys, food, and training, to vet expenses all paid by me with a copy of the bills. I was prepared to go as far as to ask former associates I met frequently at the dog park to give statements on my behalf of the level of care I gave the dogs. I spent a total of $3,368 in lawyer fees for my dog to return home to me and her other furry family. Others are not as fortunate to afford that expense for one item in a divorce settlement, so you must ask yourself, how much can you afford to spend on it? Be honest with yourself about what you can afford because people make the mistake of exhausting their finances to fight their spouse in a divorce since it’s available to use now. For example, using a credit card to pay for their legal fees, which in the long term becomes more expensive from the applied interest rate over time. Perhaps the use of the credit card could be better spent on bills if the estranged spouse doesn’t work and is a homemaker. An individual should consider the long-term impact of their money spent now in divorce versus money they know needs to be spent later. The cost of want in a divorce should not jeopardize their sustainability for future expenses. It is always recommended to discuss the best financial option with a divorce financial expert and divorce attorney to understand the long-term impact of their finances.
By jeff.wilson1.cpa July 6, 2023
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