Claiming children for taxes when paying child support arrears

Question: My child support order states that I am claim the children this year for taxes. The divorce judgment says my child support must be current to do so. I have been paying both the current child support amount and the amount assesed for previous arrears. Does this constitute as …

Money Made Easy: Explaining Tax Refunds

With the deadline passed for having your taxes filed, financial adviser Dan Danford answers this timely tax question about how tax refunds work: Some years I owe money to the IRS, some years I get money refunded, and the amounts always vary. Is there a way to get a consistent …

Legal separation advice: Who is responsible for the debt?

Question: I’m looking for legal separation advice. While my wife and I were separated but still married, I paid off two loans using money I cashed in from my 401k. I was told I would be the one solely responsible for the taxes on the 401k withdrawl. At what point …

Money Made Easy: Correcting Tax Return Mistakes

In this week’s Money Made Easy, financial adviser Dan Danford answers a last-minute tax question: I’m always worried I’m doing the calculations wrong on my tax return because it’s confusing to me. What should I do if I make a mistake on my taxes? Does it vary depending on the …

Money Made Easy: What To Claim For Tax Deductions

In this week’s Money Made Easy, financial adviser Dan Danford answers a last-minute tax question: I’ve heard that you can claim items such as license plate renewal fees to get a deduction on your taxes, which I had not heard about. What are some other items that can be claimed …

Child support office’s mistake resulted in additional arrears

Question: For several years, my income tax return was sent directly to my state’s department of child support. I have proof from the IRS of these payments. However, my ex-wife never received the money and it was not credited toward my child support arrearage because the money was misused or …

Which parent would receive a greater benefit to claiming the children on taxes?

Question: In my divorce decree there is a provision that whichever parent has the greatest benefit to claiming the children on the taxes should claim them. That parent should then pay the other parent the amount that they would have received had they claimed the children. In my situation, my …

Money Made Easy: Tax Rules Changes

In this week’s Money Made Easy, financial adviser Dan Danford answers this financial question from a viewer: I think tax rules change from year to year, so what are the big tax changes I should be aware of this year before filing? Danford, MBA, CRSP, of Family Investment Center, says …

Divorce and Taxes: Alimony and Child Support

By Jill A. Duffy Attorney, Cordell & Cordell Divorce can bring some big changes to the way you file your taxes and which exemptions and deductions you can claim. With tax season just beginning to ramp up, here is some information to get you started on your federal taxes in …

Money Made Easy: Tax Filing Status

In this week’s Money Made Easy, financial adviser Dan Danford answers this financial question from a viewer: What qualifies someone for “head of household” tax status? Do you have to claim a child as a dependent to qualify? What if you don’t have children but are the primary wage earner …