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Divorce & dependants

Sent to Tax Experts January 26 2005 at 3:08 PM
   

Got a divorce in May 2004...do we file separate for the whole year?
Joint custody with no child support, so can each of us claim our 3 kids for 6 months...or how should we claim them?

Customer (name blocked for privacy)
Status:  Closed   Value: $10
Answer
January 26 2005 at 3:15 PM (7 minutes and 8 seconds later)
         
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If you finalized your divorce in 2004 you have to file either as a single or as a head of household. You should negotiate with your ex so each of you take one child as a dependent and the third would flip between you every other year. That way both of you can claim head of household (i.e. get lower tax rates) and you can share the dependent deduction and child tax credits.

Did you check your divorce decree papers to see if any of this was spelled out? Usually it is assuming it was handled by attorneys.

Christopher Phelps -- Certified Public Accountant (CPA) -- 100% Positive Feedback on 2668 Tax Accepts
CPA, CFP, PFS, Tax Practitioner 21 Years, Member AICPA/CSCPA Tax/Financial Planning Committee Member
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