I have a tax modification question that deals with taxes and divorce.
Can I apply for and modify and tax exemption on my child so that I can claim my son as a dependent?
I am unable to give you legal advice on divorce on these matters. However, I can give you general divorce information based on Indiana’s divorce laws where I am licensed to practice.
Regarding modification of tax exemptions, the court considers several factors when determining which parent may claim the child as a dependent, such as:
1.) the value of claiming the child as a dependent at the marginal tax rate of each parent;
2.) the income of each parent;
3.) the age of the child or children and the number of years that the child or children could be claimed as a dependent or dependents;
4.) Each parent’s percentage of the costs of supporting the child or children;
5.) if applicable, the financial aid benefit for postsecondary education for the child or children;
6.) if applicable, the financial burden each parent assumed under the property settlement in a dissolution proceeding; and
7.) any other relevant factors.
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Therefore, consider these factors when determining whether you should seek modification of tax exemptions.
Please understand that my opinions are based upon the limited facts that you provided to me. For financial advice on divorce, I urge you to contact a men’s divorce lawyer.
To set up an appointment with a Cordell & Cordell mens divorce attorney, including Indiana Divorce Lawyer Rachael S. Cunningham, please contact Cordell & Cordell.