Divorce is not just an emotionally charged experience for families, but it is also often a complex legal process. Even after it is finalized, you may still have some questions. If you share children with your ex-spouse, you may be wondering who can claim them on their taxes. In some cases, this detail is included in the divorce judgment. However, you should also review the IRS’s rules to prevent the possibility of an audit.
Claiming Dependent Children on Your Taxes
Raising children can be expensive and, to help with the costs, the tax code provides a number of tax credits to reduce a parent’s taxable income, resulting in a significant refund at the end of the tax year. That said, with the start of the 2018 tax year, some major changes were made to the tax code, including the elimination of personal exemption. To replace it, the tax code almost doubled the standard deduction.
If you and your co-parent share custody of your children, the custodial parent will likely have the right to claim any dependent children on their taxes. If the noncustodial parent seeks to claim the Child Tax Credit, the custodial parent must first release the rights to this credit by filling out IRS form 8332. Otherwise, the IRS may reject this claim.
In some custody situations, parents may alternate tax credits or split the tax benefits for the children in cases where there are multiple children. For example, if you have four children, you may each claim two. However, the noncustodial parent will not qualify for Head of Household filing status or childcare coverage credits since the child will live with the custodial parent for more than half of the year.
Schedule a Consultation with an Experienced Family Lawyer to Discuss Your Case!
If you are dealing with a family law matter, the knowledgeable team at Garza Law Firm, LLLP can provide the skilled counsel you need to navigate it. Our attorneys understand the profound impact these sensitive cases can have on the lives of our clients, which is why we are committed to helping them achieve a resolution as smoothly as possible while protecting their best interests.
Reach out to our law firm today at (214) 225-4344 to request a free one-hour consultation with a member of our team to get started on your case and find out more about the services we provide.