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Kid Custody Agreement and Taxes

A child custody agreement can have critical implications on your tax filing and your taxes general. This problem need to be addressed with your attorney or with your accountant although you are going by way of the approach of negotiating or litigating kid custody or a divorce agreement. Waiting till right after you have finalized a kid custody agreement to investigate the tax impact is not adviseable.

State law on child custody does not dictate who gets the tax deductions. If your youngster custody agreement is entirely silent on this problem, the parent with main residential or sole custody will have all of the tax benefits obtainable via the kids. That party will be able to claim the young children as deductions, and so forth. This can be a substantial issue. There are parents who merely assume that if they are paying thousands of dollars per year in help, they will be in a position to take the kids as deductions. Not so. This is incredibly important when you consider that all youngster assistance payments are not tax deductible to the payor and they are not taxable to the recipient parent.

Therefore, when negotiating your kid cusody agreement, you must address the problem of how custody will be structured and who will recieve the tax positive aspects. This negotiation should be a part of an overall financial scheme that encompasses a consideration of all troubles, including kid custody, youngster assistance, property, alimony, and tax impact.

The potential to claim head of household rather of married filing separate or even filing single can be incredibly essential to your general tax scheme. You can claim head of household if you have your youngsters for far more than 50% of the time. Therefore, a head of household tax filing must be a component of the general negiating outline in a divorce or separation circumstance. A kid custody agreement that is silent on this concern is actually not a well negotiated or written agreement.

Your kid custody agreement can address this problem in a number of techniques. If your child custody agreement supplies for joint shared custody, it should state who has the young children for 50% of the time. If you have two kids, you can divide that up so that each and every parent has the possibility of fiing for head of household. If you simply have joint custody and one parent has residential custody, you can nevertheless give a head of household deduction to the other parent by wording the agreement in a way that enables for that filing.

There are other tax benefits readily available to parents that have to be regarded as when negotiating a kid custody agreement. Several or most of those tax benefits are variable based upon your income level ad regardless of whether or not you can claim the kid or youngsters as deductions. If you are genuinely thinking by means of your kid custody agreement, you will negotiate all of these benefits. The objective ought to be to maximize all available positive aspects for each parties, thereby providing an general extremely advantageous tax impact for your

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