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Divorce Tax 4/15

While tax preparers are busy in anticipation of tax day (April 15th), another set of very busy professionals are the divorce attorneys in Northern Kentucky.  Clients often ask a series of questions, some of which are easy and many of which are case dependent. For example, following are general terms but should not be considered legal advice:

  • If you divorce in 2014, do you have to file separate taxes?  You may file joint taxes if you were married more than half of the year.  You may also file separate taxes if you were divorced before 1/1/2015.  
  • If you  had the children more than 50% of the time, can you claim them?  Qualified, yes.  The IRS allows a person to claim a child if they have the child over 50% of the time.  However, many custody or settlement agreements provider for allocation of the tax exemptions/deductions for children. If you do not follow your Agreement or Orders of the Court, you may be subject to contempt which can include: payment of attorney fees, correction of taxes, and contempt.  Contempt itself is punishable by up to $500 in fines and 180 days in jail.
  • If I am still married but separated in 2014, should I file as single or married filing separately?  In very few cases you can file as single even if you are separated.  There is a difference between legal separation and being physically separated and living apart.  If married, you generally have to file as married.
  • Is Alimony taxable or tax deductible?  Generally alimony is tax deductible from the paying spouse and taxable to the receiving spouse.  A decree may modify this general rule.  Note: in Kentucky, the term maintenance is the same as federal alimony.  Alimony may also be referred to as spousal support.

These are but some of the many questions that are asked of divorce attorneys both during a dissolution and after a divorce is finalized.  If you have questions, first ask your tax professional or your divorce attorney.  For consultation in Northern Kentucky, contact the Bouldin Law Firm and Michael Bouldin at [email protected] or call 581-MIKE; 859-581-6453.

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