Tax time and claiming your children
By bobby key, 28th Jun 2010 | Follow this author
| RSS Feed | Short URL http://nut.bz/13af9oca/
Posted in WikinutMoneyTax
If you are struggling trying to figure which parent can legally claim there child on their taxes then this is a great informative article.
Settling the argument
Tax time can be a very bitter time for some parents. Many divorced parents fight over the $3,650 deduction you can claim per child. If you are divorced and live in different households both parents cannot claim the child on the taxable income. So who can claim the child you ask? Lets find out.
Sometimes a birth parent may die and tax time rolls around the corner and now all of a sudden the Childs grandparents or stepparents may try to claim the child on their taxes against the legal parent. The legal parent is the one entitled to claim the child over grandparents and step parents. In fact a child has to be your biological child, grandchild or adopted child to claim them period.
Sometimes you have children that live with both parents throughout the year. This can be very frustrating trying to figure out who is entitled to claim the child. The parent that the child lived with the longest amount of time throughout the year has the legal claim to the child for tax season.
Some cases a child may live an equal amount of time with both parents during the year. In cases like this the parent with the higher adjusted gross income has the right to claim the child.
Comments