One of those difficult dealings post-divorce comes in the form of taxes. We despise taxes all year long, but when it comes time to file them, we’re usually equipped to carry out the task. When you get into the laws and protocol surrounding tax filing post-divorce, it gets a little dizzying. Here’s a breakdown of tax prep advice from your Centennial divorce attorney office.
We’re in the process of divorce, but not divorced yet; do I have to file jointly?
If you’re in the process of divorce, but are still legally together at the end of the year, then you will still file jointly. Many divorcees make the mistake of filing alone, which may delay or disrupt your tax return.
I paid for medical expenses for our child, but I don’t have full custody
Even if you do not possess full custody of your child, and you continue to pay for their medicals expenses after the divorce is finalized, you can claim those costs in your medical deduction category when filing your taxes. This still applies even if your spouse, assuming full custody, is able to claim the dependency deduction on their single file tax return.
What credits can I claim for my child?
If you can claim your child/children as a dependent when you file your taxes, you are also able to claim them for the child credit (limit $1,000) and the American Opportunity higher education credit (limit $2,500) or the Lifetime Learning higher education tax credit (limit $2,000). If you cannot claim your child as a dependent, you cannot file for any of these.
How do I settle the return amount?
If you are separated and living in different residences, even if you were the sole provider for the year, your tax return may be a cause for heated debate. It’s best to discuss this with your spouse and your legal counsel. In most instances, it’s best to simple divide the return 50/50, or make plans to alleviate debt or other financial obligations prior to actually receiving the return.
Do I need legal counsel during this time?
During the stages and hurdles of your divorce, it’s always best to contact legal aid and stay current with your Denver divorce attorney. Concerns that could escalate into legal matters should always be dealt with properly to avoid conflict and upkeep the established peace between you and your ex-spouse.