kaestu
recently joined
Reged: 04/17/08
Posts: 23
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My stbx and I had agreed on joint physical and legal custody but also that I would claim our daughter each year on taxes. He is still agreeing to that to some degree but wants me to agree to allow him to "buy out" the claim if he ends up benefitting from it more than I would in any given year. In other words, we would both do our taxes and he would do his both ways...claiming her and not claiming her. If it ends up saving him more money than it does me, he wants to be able to claim her and then pay me the equivalent of the benefit I would have had I claimed her. I understand that I would then have to claim that money as income, however he said he could label it as "additional child support." I am reluctant to agree to this because I'm leery of the whole "additional child support" thing and how it would work.
He wants the whole thing in the papers to guarantee him the right to do that and I say no because I'm afraid I might get screwed in the end and be stuck with doing this.
Can something like this even be put in divorce papers?
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Miranda
Carpal \'Tunnel
Reged: 06/02/05
Posts: 20822
Loc: North of Mexico
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Usually the exemption is split every other year, especially if he/she is paying child support. Both parents have the right to claim the child, not just one.
Child support is not taxable to the receiver.
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13.1...because I am only half crazy!
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irsfixer
newbie
Reged: 06/13/07
Posts: 49
Loc: Houston
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Your statement that both parents have the right to claim the child could be misconstrued. Only one can claim the child in a given year.
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Mike Wellman
http://irsos.com
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Miranda
Carpal \'Tunnel
Reged: 06/02/05
Posts: 20822
Loc: North of Mexico
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Quote:
Your statement that both parents have the right to claim the child could be misconstrued. Only one can claim the child in a given year.
I think everyone knows that... especially the OP.
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13.1...because I am only half crazy!
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irsfixer
newbie
Reged: 06/13/07
Posts: 49
Loc: Houston
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You are too sensitive.
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Mike Wellman
http://irsos.com
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Miranda
Carpal \'Tunnel
Reged: 06/02/05
Posts: 20822
Loc: North of Mexico
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Quote:
You are too sensitive.
Not really. Where in my response did I sound sensitive? Weird...
Edited by Miranda (08/02/08 05:48 PM)
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irsfixer
newbie
Reged: 06/13/07
Posts: 49
Loc: Houston
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The fact that you felt compelled to respond at all shows you are too sensitive. Your answer was wrong too. Not everyone knows only one parent can claim a child in a given year. To make assumptions about what everyone knows is foolish.
I assume you are not a tax professional because no tax professional would make a sweeping assumption like "everyone".
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Mike Wellman
http://irsos.com
Edited by irsfixer (08/03/08 07:57 AM)
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Miranda
Carpal \'Tunnel
Reged: 06/02/05
Posts: 20822
Loc: North of Mexico
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You are too sensitive. Why did you feel the need to respond?
And I will rephrase my post hopefully it is up to your sensitivity level.
"ALMOST everyone knows that only one person can claim a child especially the OP in this case."
Is that good enough for your Mr. Tax Professional? Stragne enough I worked with a Mike Wellman while I was in the military.
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Avaya
Carpal \'Tunnel
Reged: 02/09/06
Posts: 9816
Loc: Arkansas
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Welllll, they both DO potentially have the right to claim the child. Not at the same time obviously, but it's a toss up - ONE of them can claim the child, they just need to fine tune which that will be each year.
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Eternity is too long to be wrong.
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kaestu
recently joined
Reged: 04/17/08
Posts: 23
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Well, we were able to hash this out. Our divorce docs will state that I get to claim our daughter every year but we will determine who gets the greater benefit. If it is me, things will stay as is. If it is him, he will pay me what I would have gotten. But we will leave the final docs as is stating that I get to claim her each year.
On those that says he has the right to claim her too on alternate years, we came to the decision that I get to claim her each year because I have the same schedul she does so all school holidays, summer break, school breaks, etc. she will spend with me. That is not only saving him child care expenses, but there are also more costs involved in that. So we agreed it was fair.
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