Parents who are separated may run into trouble if they do not synchronize their tax deductions and credits for their children when they file separate returns. When both parents claim the same tax deductions for their children, one or both of them may be audited by the IRS. There are specific rules and procedures that must be followed precisely […]
Taxpayers can file as single, joint, head of household, or married filing separately if they are married, separated or divorced — provided that the legal requirements are met. Chapter 9 of Frumkes & Vertz on Divorce Taxation considers the pros and cons of each filing status that is available to taxpayers — including “head of household” — and whether the divorce court has authority to direct spouses and parents to elect a particular filing status.
Porter v. Comm’r, T.C. Memo. 2015-141 The taxpayer, a father of three children, moved to Virginia after being divorced in Florida in 2002. The children stayed in Florida with their mother, under the terms of a mediated divorce settlement. For tax purposes, the eldest and youngest children were assigned as Mother’s dependents, and the middle […]
In October 2015, the IRS issued its 2016 tax rate tables and the annual inflation adjustments for 2016 for more than 50 tax provisions (Rev. Proc. 2015-53). The updates include the tax tables for married filing jointly, married filing separately, single and head of household filing status; standard deduction; personal and dependency exemptions; AMT on kiddie tax; […]
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