If a person is married for most of the year then divorces in December, does that have an effect on their taxes for that year? Since they were married and have 2 incomes, would that mean they would need to owe money at the end? I don't know what if that is going have an effect on me.
2007-01-01 03:44:42 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
We were divorced on 12-11. We had the agreement that he got the house and the credit card bills and I got monty from a CD. So everything has already been split. Nothing has my name on it.
2007-01-01 04:00:55 · update #1
It very well could. Without knowing the ins and outs of your particular situation, it would be impossible to say for sure.
Some preliminary questions that would have to be answered first:
Did the judge decree who gets to claim the children if there are any in this case? If the judge did not specify in the decree who could claim the kids, is there a verbal or written agreement between the spouses? Who paid more than half the cost of keeping up the home for the year? Who did the children live with? What state do you live in? Is it a community property state? How was your W-4 at work filled out? Meaning, at what rate were they withholding taxes? What is your total income? What other deductions/credits might you be qualified to take? The list of questions could potentially go on and on.
The tax implications of your divorce could range from nothing at all to very mild to almost devastating. It all depends on your situation. Your best bet is to seek the help of a tax professional you trust.
2007-01-01 04:09:50 · answer #1 · answered by Mr. Zimmer 3 · 1⤊ 0⤋
Your filing status is determined by your marital status as of the end of the year, so you'll each be filing as single for 2006. If taxes were deducted for the year at the married rate, this could mean you'll end up owing, depending on what was on your W-4.
If you're going to itemize, you'll need to come to an agreement with your ex over who takes what deductions if some were paid from joint funds. And if there are any dependent children, you'll need to determine which of you will claim them.
2007-01-01 05:27:10 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You file your taxes based on your marital status on Dec. 31. If you were divorced on that date, you and your former spouse will file as individuals, each declaring the income you earned. Deductions are a little more complicated. Your question doesn't indicate any if you had a mortgage, for example, but if you both paid it during the year, you may need to agree on who will be entitled to deduct that from your gross income. You may be able to split the amount.
2007-01-01 03:57:02 · answer #3 · answered by David W 4 · 2⤊ 0⤋
So for 11 months, the person was married?
It's not likely that it would affect their taxes.
I think you need to be divorced for at least 6+ months.
2007-01-01 03:54:19 · answer #4 · answered by Yellow Tail 3 · 0⤊ 2⤋