Shared Child...Shared Tax Credit???????????

Question

Hello All. I have and share custody of 1 four year old son with an ex wife. We were divorced several years ago. We have split custody of him and she has physical custody of the boy as he resides with her most days. I have him several days during the week and he sleeps over on every-other weekend. She has a second child from someone from a previous relationship and is also split form that father. My question is that every year she takes the child tax credit for our son. She ends up getting a huge tax return every year…even though I pay a large amount in child support every paycheck. I end up having to pay taxes every year and make less then she does for a job-income. I was told that this was not legal and I could get a tax decree from the State which would make us share the tax credit as she would get it one year then myself the next…. Does anyone know about this and what I can do??

Answer 1

Sorry - Yes she does, because she is the primary custodial parent, Not only does she get to claim the child as a dependant (but only until the child is 16) , but she is also entitled to take the tax credit, my husband and I went thru this, and although its not fair, that is the way it happens.

Answer 2

Tax isn't paid on any variety of distribution in understand of shares (dividends, activity etc). in spite of the undeniable fact that, there's a notional tax credit which potential you do no longer ought to pay any tax as long as you're a trouble-free value taxpayer. If a corporation publicizes a dividend of 9pence in step with share, you will get 9p for each share you very own. you will get a dividend certificates showing the quantity paid - 9p - and a tax credit 1p. the total is deemed to be 10p. once you fill in a tax return you could instruct which you gained 10p. The tax value on dividends is 10%, so which you would be liable to pay 1p. This 1p is roofed by making use of the notional tax credit, so there is not any further tax to pay. This tax credit is notional and could't be repaid.

Answer 3

My husband and his ex-wife had 2 kids. They each claim 1 kid on their taxes even though they live with her.

You will have to talk to a lawyer in the state you divorced, I think. Most lawyers will do a free phone consult or something like that. You may want to check the yellow pages to see if any of them say "free first consultation".

Answer 4

Your decree usually spelss out who can claim the child on their taxes. Normally it is alternated between years