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Berchem Moses PC
  • Milford 203-783-1200
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Helpful tax hints for divorced parents

While 2014 is in the rear-view mirror, it must be revisited in detail at tax time. For Connecticut parents who divorced last year, expect some significant changes in your answers to IRS questions and perhaps even to your tax bill.

Forbes noted in a recent article that child custody issues could have a significant impact on your taxpayer status and on the amount you owe the federal government.

The publication briefly went through a number of items that are typically important to divorced parents, including the following:

  • Head of household: if you were divorced as of Dec. 31, 2014, and you earned at least half of household income and had your children living with you for at least half the year, you can file as head of household. This typically lowers your tax rate while raising deduction amounts.
  • Dependents: it’s particularly important to determine who you can claim as a dependent. This designation is often spelled out in divorce agreements, so look there first. Some divorced parents take turns claiming a child as a dependent. (This is certainly a topic to be aware of and discuss with your family law attorney if you are going to be in divorce negotiations in 2015.)
  • Exemptions: for every dependent child, you get a $3,950 deduction.  
  • Credits: divorced parents can subtract $1,000 from 2014’s tax bill for each dependent child age 16 or younger on the last day of last year.
  • Care: qualifying heads of households can claim up to $3,000 for child care for one child; $6,000 for two or more children. Child care includes after-school programs and summer camp.

All of these items and much more should be discussed with a qualified tax professional. If you face a divorce in 2015, discuss child custody and tax implications with a Connecticut family law attorney experienced in these often complex matters.     

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Berchem Moses PC
75 Broad Street
Milford, CT 06460
Phone: 203-783-1200
Fax: 203-878-2235
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Berchem Moses PC
1221 Post Road East
Westport, CT 06880
Phone: 203-227-9545
Fax: 203-226-1641
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