Joint Custody, 50/50 TAX QUESTION

[SUNSEDRAE]

TEXAS-neither parent pays cs but...we each equally pay child care expenses. And each parent has child 7 days on, 7 days off. Married 8 years, legally separated 10-31-01, and have 60 days before a decree can be filed.

How-what-who will get to claim child at the end of the year, do you claim married filing jointly or separate at the end of this year?
We have "always" received money back from the IRS-will that return be split 50/50 between each parent?

 

[crager34]

Assuming you are filing seperatly:

Heck...as nice as you two are about things. Agree for one of you to file claiming full credit for the child and split the return (if any).

 

[SUNSEDRAE]

TEXAS-beings we are trying to be nice, can we file together-filing married , and then split the return 50/50? We were married for more than half of the year 2001. I thought you get more money back if you file together rather than seperate? ? ?

 

[crager34]

If the divorce is final this year, I am not sure about filing together. Hopefully someone will answer that for you here. If you can the split it 50/50 or whomever earned the greater percentage: you 60%, the other 40%.....like that.

Letting the courts decide this will only cost both of you more money than necessary. Just be fair...sounds like your doing that anyway...

Will you get more filing together? Not sure, but I think so. It's been awhile since I was married.

 

[SUNSEDRAE]

THANKS! ! ! !
No our divorce decree can not be done until we have reached our 60 day waiting period in Texas. Our petition was filed 10-31-01, so that's going to put us into next year. I think I/we can come to an agreement to compromise for the both of us-but I wanted to make sure before we agreed onit, that it would be legal without having to seek out our lawyers advice and pay the hourly fee's to get an answer...

 

[crager34]

For the future, the best way (my opinion) is to split the deduction 50/50, or every other year. It's simple, easy and considering how the courts will view the curent visitation schedule you have set, will probably issue it.

Also, my opinion, if you think about how you are compromising now, you two could probably do this entire divorce thing on your own through the courts....WITHOUT the use of lawyers. Think of how much time and money that would save.

GOOD LUCK.....

 

[SUNSEDRAE]

THANKS for the suggestion on the swap out of years-I will definetly put a request for that.

And as far as the ageement on the divorce goes, I offered this in the beginning, he felt he was getting ripped off in some way and wanted to basically cover his butt-just in case I was going to rake him. We're young, but what we had was paid for and not many debts that were outrageous. We live and learn, and this was a bad lesson when we see how much $$$ was spent when he finally agreed to 50/50 and that was what we originally started out with prior to the lawyers.

 

[loku]

I don’t always agree with crager34, but this time I do. And the rule is that if you are married on Dec 31, you can file as married filing jointly. Since you will be married then under state law, you can file a joint return.

I suggest you download for free at http://www.irs.ustreas.gov/forms_pubs/index.html, IRS Publication 504, Divorced or Separated Individuals, and IRS Publication 17, Your Federal Income Tax. The publications have all the federal tax info you will need.

 

[SUNSEDRAE]

I would like to thank you BOTH for your suggestions.
God Bless

 

[loku]

You are welcome. Good luck