Big Firm Experience
With A Personal Touch.

Divorce tax implications: filing status and children

The income tax filing deadline is fast approaching. For those Tiburon, California, residents who are in the throes of a divorce, or have recently been divorced, tax season often brings a host of uncertainties. Two common questions are whether a divorcing or recently divorced couple can file a joint return, and which parent can claim a child as a dependent.

Many people ask if they can file a joint return for the year in which their divorce was finalized, since they were married for part of that year. The answer is no. The filing status is determined by a person's marital status on December 31 of the tax year.

Thus, if a couple was divorced anytime in 2016, they cannot file a joint return for 2016. If the divorce was not yet final on December 31, 2016, they can file a joint return for 2016.

A divorced parent with a dependent child can claim that child as a dependent, if the parent is considered the custodial parent. The custodial parent will typically be identified on the divorce decree.

If not, the parent with whom the child lived for the longer period of time in the tax year is the one who can claim the dependent child exemption. The custodial parent can also claim the college-tuition tax credit for that child.

These are only a couple of the myriad potential tax implications of divorce. Depending on one's family and financial situations, there could be others. Individuals with questions about how a marital dissolution will affect their finances can get answers by talking to their tax preparer or their divorce lawyer.

Source: Kiplinger.com, "Tax planning for divorce," accessed on March 18, 2017

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Request a consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Main Office
1606 Juanita Lane Suite B
Tiburon, CA 94920

Phone: 415-889-8734
Fax: 415-366-1899
VISIT OUR MARIN LAW OFFICE

Napa Office
1606 Main Street Suite 207
Napa, CA 94559

Phone: 707-666-0203
Fax: 415-366-1899
VISIT OUR NAPA LAW OFFICE

Walnut Creek Office
1990 N California Blvd 8th Floor
Walnut Creek, CA 94596

Phone: 925-234-4478
Fax: 415-366-1899
Visit our Walnut Creek Law Office