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Tax Tips for Divorced Parents

Getting divorced can be an extremely emotional experience for taxpayers, especially when children are involved and you have to deal with lawyers every day. Once you finalize your divorce, however, you can’t avoid how your annual income tax returns will change because of the divorce. But this may actually be a good change that reduces the amount of income tax you pay if you familiarize yourself with a number of tax tips for divorced parents.

Children Dependent Exemptions

After a divorce, the same IRS requirements that equally apply to married couples must be met before you can claim dependent exemptions for your children. The qualifying child rules provide the parent who the children live with for more than half of the year the right to take dependent exemptions for the children on their tax return. Moreover, legal custody of your children isn’t always a requirement to take the exemptions. The IRS allows the parent with legal custody to give the other parent permission to take the exemptions, but an agreement between spouses must be in writing or on Form 8332. You and your former spouse can alternatively agree to split the dependent exemptions if you have more than one child. Entering to one of these arrangements with your former spouse provides an exception to the qualifying child requirements that you provide more than half of the necessary financial support for your dependents. However, the total financial support that you and your former spouse provide must be more than half of each child’s necessary support.

Head of Household Filing Status

Before the divorce, you probably filed as married filing separately or married filing jointly, but your filing status will change after the divorce is final. Going forward, the filing status options available to you are single and head of household. Filing as head of household can save you more in tax than the single status since it give you a bigger standard deduction and calculates your income tax using tax brackets that impose lower tax rates on a much larger percentage of your total income. However, there are a number of criteria to satisfy before filing your tax return as head of household. First, your children must live with you for more than half the year, regardless of whether you claim their exemptions because of an arrangement with your former spouse. In addition, you can’t use the head of household filing status if you lived with your former spouse during the last six month of the tax year – even if you were divorced at the time. And lastly, you must bear more than half the financial burden of maintaining your home.

Taxation of Child Support & Alimony

When preparing your 1040, it’s important that you know how to report any child support and alimony you receive. Child support payments are never subject to income tax and it isn’t necessary to include the amounts on your tax return. Your alimony is a different story, however, and is fully taxable. In fact, your 1040 form will have a specific line where you must report your alimony payments. But if you’re the one paying the alimony, the IRS allows you to deduct all payments.

Divorce Expense Deductions

Most of the typical expenses you incur to get divorced aren’t deductible. However, if you hire a CPA to advise on the tax implications of your divorce or pay a lawyer to help you incorporate alimony into your divorce decree, their fees are deductible. In order to take advantage of these deductions, you’ll need to itemize on Schedule A and treat the fees as miscellaneous expenses.

Reference: IRS Publication 504-Divorced or Separated Individuals