This is something you need to decide before the decree. Especially who gets to file the kids as tax credits. This could be a big tax difference. Protect yourself.

I can only speak for myself. When the divorce was final for me and my filing status changed to single... Uncle Sam helped himself to more of my money (tax wise). I hate it!

I am now brining home less money thanks to divorcing the jerk of an ex-husband. sheeeesh.

Brining home less + child support = still broke as hell!

oh, so, is this a real concern? wow. just HIT me. I know I'm losing my daughter, she has 2 more semesters and then she loses my dental and I lose her deduction, but I think her tuition is probably more, so that's a wash.

but, yeah, more goes to uncle sam, hopefully the same or less than was going towards the family

I think I should go see my tax guy before tax season and let them go through these numbers.

nobody's seen major tax changes post decree?

It all should be spelled out in the decree. I am paying alimony, but get to deduct it. The child support I did not. But dont have to worry about anymore as he lives with now.

Also the child credit can be shared, ever other year. But if the kids do not live with you it is better to ask for a small some from her that year and she still claims then. A little complicated. SO check it all out.

Larry, you may want to ask for every other year that you get to claim your son on YOUR taxes. That way it will be fair to both of you, since you are BOTH raising him. Also, I claim '0' & then at the end of the year, I pick myself up. Seems to be the best way to go for me. You may want to check into that. If you claim '1' you get more money on your paycheck, in turn, you won't get as big of a refund at tax time. Also, you may qualify for Child Tax Credit. I would also be checking into that... Another thing, with your daughter being in college, have you ever applied for the HOPE credit? It is a one time credit that you can get for college. I done this when I was in college & it really helped me out on my return. There are also other credits for parents w/ college students. I would check with your accountant or tax advisor on these things. Hope this helps you.

If you have any electronic files you can figure out a rough estimate....it will be less money in your pocket though and that's for sure.

Since you have more than one child you should be able to put it in the decree that you can each claim 1 or 2. You can even agree to how it will be handled as they get older and can't be claimed anymore. That is easier than trying to remember to alternate every other year. In some states the child support calculation actually determines who gets to claim them. But, if you don't get it in the agreement up front then whoever has physical custody can claim them. Get this in the agreement! You pay support and should be entitled to some of the deduction.

Mine was only income so I lost a dependent.
I no longer have to feed her, buy her ciggerettes, or booze. My car insurance is much less (more than 50% less) because she had moving violations. I notice all utilities are less also.
Its odd how the difference in cost between what I had to pay and what I pay now with new mortgage is about the same. Basically I lost a wife and gained some peace and quiet.

After my first marriage ended I went from having 6 dependants to having just 1. In order to be able to pay my bills I still claim 4 dependants on my checks, but once tax season comes around I don't have the dependants to claim cuz the X claims them. So needless to say I get screwed every year by Uncle Sam and am currently in the hole with him. Uncle Sam reaches into my pocket monthly to take my cash, and their is no foreseeable end to this for a while. If I reduce my dependants I don't have enough money to pay my bills. The laws are screwed up. Child support should be able to be claimed on taxes.

thanks for all the feedback. My daughter isn't a concern any more, she does her own taxes and makes more than her mother. She should be paying her mother whatever shortfall she's going to have once we finalize this.

I am paying 3-500 more a month than I'll be required to. She's going to have to figure that out since that 3-500 will now be going to uncle sam!

I guess the cost of freedom is higher.

They say there's a marriage penalty... but you get to keep more of your money, or is it a wash? I don't know.

LDN-like the est of the folks on here suggested, get it all down in your final decree. There is not a marriage penalty so to speak. You have to pay MORE in taxes a a single person than you do as a married person. You will be able to file either as a single or as "head of household" but you have to have qualifying dependents for that. Something that you should discuss with either a tax accountant or your lawyer. Good luck with it. I hope you get it figured out before the final papers are signed.

yeah, me too, thanks :)

Yup Larry, Get ready for the shock of your life! It aint fun in the land of OZ, we're not in Kansas anymore!

no clicking heals?