Child Support & Dependents

[fldadneedshelp]

What is the name of your state? Florida

I am trying to finalize a divorce agreement and all the legal counsels I have spoke to said that we could each claim one child as a a dependent. My wife is confused as to why I am requesting this as she states that she never heard of this and called the IRS and they agreed that there is no additional benefit in this. This is all new to me so I am trying to figure out my future deductions and how I would classify my child support and children's expenses if I could not claim at least one as a dependent. Can someone please explain a little to me?

Thanks.

 

[escape2paradise]

What is the name of your state? Florida

I am trying to finalize a divorce agreement and all the legal counsels I have spoke to said that we could each claim one child as a a dependent. My wife is confused as to why I am requesting this as she states that she never heard of this and called the IRS and they agreed that there is no additional benefit in this. This is all new to me so I am trying to figure out my future deductions and how I would classify my child support and children's expenses if I could not claim at least one as a dependent. Can someone please explain a little to me?

Thanks.

I don't get the confusion here. Of course there is a benefit. You get a deduction and she gets a deduction.

 

[NotSoNew]

what do you mean no benefit? if she gets to claim both kids, you get less money back on your taxes (or owe more)

CS is NOT tax decuctable either, so i would get it in your court order that you each get to claim one child, if possible!

 

[LdiJ]

What is the name of your state? Florida

I am trying to finalize a divorce agreement and all the legal counsels I have spoke to said that we could each claim one child as a a dependent. My wife is confused as to why I am requesting this as she states that she never heard of this and called the IRS and they agreed that there is no additional benefit in this. This is all new to me so I am trying to figure out my future deductions and how I would classify my child support and children's expenses if I could not claim at least one as a dependent. Can someone please explain a little to me?

Thanks.

I want to reiterate the point that child support is NOT tax deductible. It may be fair for you to be allowed to claim one of the children for tax purposes, and if so, you should certainly fight for that.

However, if the children are going to be living primarily with mom, then federal tax law won't support that unless mom provides you a signed form 8332 each year for the child that you would be claiming. Therefore, if you are going to fight for that, make sure to get it included in the order that mom is required to provide you a signed form 8332.

 

[konkanb]

Stipulate in your divorce agreement that you will claim one kid for tax purposes. Here is an extract from mine:
CHILD DEPENDENCY EXEMPTION TO BE SPLIT FOR FEDERAL TAXES: Parent1 shall be allowed to claim child1 as a dependent for federal income tax purposes each year. Parent2 shall be allowed to claim child2 as a dependent for federal income tax purposes each year. Each party shall sign whatever IRS forms as are provided by the other party and as may be necessayr before March 1st each year to effectuate this provision.

Hope this helps.

 

[Perky]

LdiJ and Konkanb are correct. Your divorce decree should stipulate that each of you is allowed to claim one child each year as a dependent on your federal taxes. It should also stipulate that your wife provide the 8332 form every year. One other consideration is that you can alternate dependents each year if they are more than one year apart in age. That way, when the oldest can no longer be claimed as a dependent, you will both benefit in alternating years by claiming the younger child.

It is also true that child support is not a deductible expense for you, but if you pay alimony/maintenance you may deduct that.