What is the name of your state (only U.S. law)? MS
I have physical custody of mine and my ex-wife's 3 children. Child 1 is 17 yo, child 2 is 15 yo, and child 3 is 9 yo.
Per our divorce judgment, I claim child 1 every year, she claims child 3 every year, and we alternate claiming child 2 every other year.
Because child 1 has aged out of being eligible for Child Tax Credit/Additional Child Tax Credit, ex and I agreed that I could claim child 2 and she would claim child 1 on out 2010 returns, since ex isn't eligible for those credits but I am.
We still claimed the same number of children we were supposed to, we just switched which children it was. This resulted in a $1000 positive change on my taxes, but didn't affect her #s at all since she isn't eligible for the credits as the NCP.
We have agreed to do the same for 2011.
Child 1 will be applying for college and financial aid in 2012, and I know my 2011 tax return will be required. But if we do things as we've planned, I won't be claiming child 1 on my 2011 taxes, the ex will.
Will she be denied financial aid because I didn't claim her? Will they require mom's 2011 tax return since mom will be claiming her? That would probably result in a low amount of financial aid because mom makes A LOT of money.
She (child 1) lives with 12 months of the year and receives more than 50% of her support from me.
Does anyone know how this works?
I have physical custody of mine and my ex-wife's 3 children. Child 1 is 17 yo, child 2 is 15 yo, and child 3 is 9 yo.
Per our divorce judgment, I claim child 1 every year, she claims child 3 every year, and we alternate claiming child 2 every other year.
Because child 1 has aged out of being eligible for Child Tax Credit/Additional Child Tax Credit, ex and I agreed that I could claim child 2 and she would claim child 1 on out 2010 returns, since ex isn't eligible for those credits but I am.
We still claimed the same number of children we were supposed to, we just switched which children it was. This resulted in a $1000 positive change on my taxes, but didn't affect her #s at all since she isn't eligible for the credits as the NCP.
We have agreed to do the same for 2011.
Child 1 will be applying for college and financial aid in 2012, and I know my 2011 tax return will be required. But if we do things as we've planned, I won't be claiming child 1 on my 2011 taxes, the ex will.
Will she be denied financial aid because I didn't claim her? Will they require mom's 2011 tax return since mom will be claiming her? That would probably result in a low amount of financial aid because mom makes A LOT of money.
She (child 1) lives with 12 months of the year and receives more than 50% of her support from me.
Does anyone know how this works?