Who Gets to Claim Children as Dependents After a Fort Lauderdale Divorce?
Going through a Fort Lauderdale divorce can be particularly difficult for parents. In addition to figuring out child time-sharing arrangements, they’ll also need to address how they’ll share financial responsibilities.
One of the most common questions we hear from clients concerns who gets to claim the children as dependents on their tax return. Our experienced Fort Lauderdale divorce lawyer explains important factors to consider when addressing this issue and why it’s so important to include it in your final order.
Factors That Impact Whether a Divorced Parent in Fort Lauderdale Can Claim Children as Dependents
For Broward County parents facing the high cost of raising children, anything that can save them money is appreciated. When it comes to your federal taxes, claiming your children as dependents can entitle you to the Child Tax Credit, the Earned Income Credit, and other tax credits or deductions.
These can represent significant amounts of money, and it’s an important issue to address if you are separated or file for a divorce in Fort Lauderdale. Under Internal Revenue Service (IRS) guidelines, only one parent can claim a child per tax year. Factors that determine which parent has that right include:
- The amount of time the child spends in each parent’s home.
- The amount of financial support provided.
- Each parent’s income.
- Agreements made as part of a Florida parenting plan.
In general, the parent who has the child for more nights during the year can generally claim the child as a deduction. However, if one parent is a high earner, it may make more sense to let them claim the child, or you can alternate each year. In either of these cases, the primary caregiver will need to file IRS Form 8332, releasing their legal right to claim the child.
Why It’s Important to Specify Who Claims Children as Tax Deductions In a Fort Lauderdale Divorce
If you are a parent who is getting a divorce in Fort Lauderdale, include who has the right to claim your children as dependents in your parenting plan. Here’s why it’s so important:
- It reduces the risk of misunderstandings and conflict between parents.
- It prevents both parents from mistakenly claiming the child in the same tax year.
- It helps in avoiding potentially harsh tax penalties.
- It makes the division of tax benefits clearer.
Keep in mind that a divorce agreement cannot override federal tax requirements. To protect your rights and determine how the rules apply to your particular case, get professional legal help.
Contact Our Experienced Fort Lauderdale Divorce Lawyer Today
For divorcing parents in Fort Lauderdale, being able to claim their child as a dependent can be worth significant amounts of money. To discuss your options and how both state and federal laws apply, contact Vanessa L. Prieto Law Offices, LLC.
Our experienced Fort Lauderdale divorce lawyer protects your rights and can help you put agreements in place that help both you and your child. To discuss potential options, schedule a consultation today.
Sources:
irs.gov/credits-deductions/individuals/child-tax-credit
irs.gov/credits-deductions/individuals/dependents
irs.gov/forms-pubs/about-form-8332
flcourts.gov/Services/Family-Courts/domestic-relations-court-resources/family-law-forms/Parenting-Plan-12.995-Forms-A-C/Parenting-Plan
