Filing Taxes After A Divorce


Filing Taxes After A Divorce

taxes after a divorce

Filing taxes after a divorce can be tricky. In fact, your first tax bill after a divorce might serve as a surprising and major financial blow. When a couple divorces, whatever their marital status is at the end of the year determines how they file their return. That means that even if you get divorced on December 31st, you are considered “single.”

What leads to higher taxes after a divorce? Receiving alimony and dividing up property and other assets can lead to a surprise at tax time. Some individuals may feel like they won when they receive alimony. However, the person who pays it gets to deduct it while the person receiving it must list it in their tax filings and pay tax on it. Child support, however, is not taxable to the recipient nor deductible for the parent paying it.

Claiming A Dependent Child

When re-working your taxes as a single person, it is important to carefully consider who claims a child as a dependent. Dependent children are a valuable tax deduction that can save a parent a lot of money. For each dependent child, you can deduct $3,900 from your federal taxable income. This is likely to reduce your taxes.

However, divorced parents must choose which parent will be the custodial parent and, therefore, be able to claim the child as a dependent. To qualify to claim a child, the child must live with the parent more than half the year and be under 19 years of age at the end of the year. The exemption can also apply to full-time students who are under 24 years of age. Parents who share custody can also alternate who gets to claim the child as a dependent from year to year.

How Men’s Legal Center Can Help

Divorce not only means the end of a marriage, but also a change in your relationship with your former spouse and children. If you have run into issues with alimony, custody, child support or taxes during or after a divorce, you should seek the help of an attorney.

The talented team at Men’s Legal Center are here to help with any custody issues you may have as well as questions about taxes, alimony, property division and other problems. We understand the emotional toll these issues can raise. With our experience, skill and extensive knowledge of California law, the team at Men’s Legal Center can represent you and your interests to the fullest extent possible. Contact the lawyers at the Men’s Legal Center today to learn more about protecting your rights and assets as well as those of your children.

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