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My ex and I always did our taxes together


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What’s even worse than a divorce

canada goose outlet sale By Lauren Young canada goose outlet sale


NEW YORK, April 10 (Reuters) uncoupling might become all the rage now that actress Gwyneth Paltrow and musician Chris Martin have announced they are separating in a cooperative and respectful way. But there is nothing touchy feely about divorce in the eyes of the canada goose uk outlet Internal Revenue Service.

In fact, filing taxes after you divorce, or even separate, may be trickier than canada goose outlet when you were together. And, as if to add insult to the emotional injury of cheap Canada Goose ending a marriage, your first tax bill might deliver a major financial blow.

That because receiving alimony, dividing up property and other assets become complicated very quickly, says Michelle Crosby, co founder and chief executive officer of Wevorce, an online, fee based service to help couples divorce amicably.


canada goose outlet biggest taxable events are not necessarily part of the divorce process, but play out afterward, adds Roy Nelson, who holds the lofty title of fiscal architect in addition to certified public accountant at Wevorce. canada goose outlet

canada goose black friday sale I got divorced last year after 10 years of marriage. My ex and I always did our taxes together. As a new canada goose coats on sale member of the First Wives Club, I treated this year tax return as my own personal finance experiment using software from TurboTax, which is a unit of Intuit. canada goose black Canada Goose Online friday Canada Goose Jackets sale

canada goose outlet new york city Here is what I learned: canada goose outlet new york city

official canada goose outlet WHO CLAIMS THE KIDS? Be careful about who claims the children as canadian goose jacket dependents to get a valuable tax deduction. Prior to 2009, you could specify in a divorce decree which parent could claim the dependency exemption. official canada goose outlet

canada goose outlet online uk But you can no longer use a divorce settlement agreement to back up your claim of dependency. Instead, you have to use IRS Form 8332, eloquently titled of Release of Claim to Exemption for Child by Custodial Parent, and it must be signed by the custodial parent for use by the non custodial parent. canada goose outlet online uk

canada goose outlet black canada goose uk shop friday The tax implications are significant: for each dependent, you can deduct $3,900 from your federal taxable income, which is likely to reduce your taxes. (As a reminder, a tax deduction is something that reduces the taxable income you claim on your return. A tax credit directly cuts how much tax you owe.) canada goose outlet black friday

canada goose outlet store Each qualifying child must live uk canada goose outlet with you more than half of the year and be under the age of 19 at year end. This buy canada goose jacket cheap exemption also applies if your child is under 24 and a full time student for the year defined as attending school for at least part of five calendar canada goose store months during the year. canada goose outlet store


canada goose outlet uk Some parents alternate who gets to claim dependency from year to year. For me and my ex, this one was a no brainer. While married, our combined salaries pushed us into a parallel tax universe that required us to pay the dreaded Alternative Minimum Canada Goose Parka Tax (AMT), eliminating many valuable breaks such as the dependency exemption. canada goose outlet uk

Post divorce, my ex husband still canada goose factory sale has a hefty AMT tab to pay. Since I only taxed on my salary (insert journalist joke here), it makes canada goose uk black friday sense for me to claim our kid as a dependent.

canada goose outlet in usa Score one for the divorced mom. canada goose outlet in usa

canada goose outlet shop WHAT YOUR FILING STATUS? Here something that almost tripped me up. I assumed my former spouse and I would file taxes together because we were married for part of 2013. I didn realize that your marital status at the end of the year determines how you canada goose file your tax return. canada goose outlet https://www.getcanadagooseoutlet.com shop

canada goose outlet online you divorced on December 31, you considered single, says Lisa Greene Lewis, a certified public accountant at TurboTax. You can still file as a couple, even if you are not living together, but that doesn always make cheap canada goose uk financial sense. canada goose outlet online

canada goose outlet toronto factory For example, one spouse may be able to claim head of household, which can result Canada Goose Outlet in a bigger tax savings. To qualify, you have to live apart for the last six months. You also have to pay more than half of the costs to support the household. The other spouse would file as a single taxpayer. canada goose outlet toronto factory

canada goose jacket outlet ALIMONY AND CHILD SUPPORT Some people think they scored a big win when they get their ex to cough up alimony. But keep in mind that alimony is taxable to the recipient. canada goose jacket outlet

canada goose outlet uk sale That often a big shock when couples untangle. if you don feel like you have as much money, you could see a tax jump with a filing status change after the divorce, Wevorce Nelson says. canada goose outlet uk sale

The person who pays alimony, though, gets to deduct it. Child support, by contrast, is not taxable to the recipient, and it not deductible for the person paying it.

DIVISION OF ASSETS Remember the movie War of the Roses, in which a house literally destroys a marriage? Well, your matrimonial home can also decimate your tax bill if you decide to sell it.

canada goose outlet jackets That because canada goose clearance married couples can realize up to a $500,000 gain on their principal residence. now that you single, it cut in half to $250,000, says TurboTax Greene Lewis. canada goose outlet jackets

On the flip side, the Canada Goose online person who retains the home may be use one of the most popular tax credits the mortgage interest deduction. Part of your monthly mortgage payment goes to pay down the principal canada goose black friday sale on the loan and part of it covers the interest you pay on the mortgage. In general, that mortgage interest is tax deductible.

canada goose outlet parka In short, because people financial situations are so unique, divorce may or may not work in your Canada Goose Coats On Sale favor when it comes to the tax bill. people are really happy and some people are not so happy, says Nelson canada goose outlet parka.

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