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Posts tagged "Taxes"

Alimony & Taxes

Alimony affected taxes in the past. Alimony has been a deduction from income when the payor files his/her income tax return. If the payor earned $100,000 in a year and paid $1,000 a month in alimony, his/her taxable income would be $88,000. The $12,000 per year alimony would be added to the recipient's income and he/she would pay taxes on the alimony received.

Taxes - Child Tax Credit

The Child Tax Credit came into existence with the 2018 Tax Cuts and Jobs Act. Taxes need to be considered when negotiating a divorce when there are children. Previously in divorces, parties considered who would claim the children as dependents on an income tax return. The Rhode Island Child Support Guidelines suggests that the custodial parent would claim the exemption.

RI Divorce & Taxes: A Child's Tax Return

During a divorce, the issue of who claims the child or children for income tax purposes my e a topic of discussions. As long as the divorce is final by December 31, one parent can claim the child. Usually the parent claiming the child may file as Head of Household, which can lower taxes. The Rhode Island Child Support Guidelines presume that the parent with primary possession can claim the child for tax purposes. The parties can negotiate who claims the child, or to even alternate years claiming the child as a dependent.  Negotiating for this benefit is important.

RI Divorce & Taxes: A Child's Tax Return

During a divorce and Child Custody determination, the issue of who claims the child or children for income tax purposes may be a topic of discussions. As long as the divorce is final by December 31, one parent can claim the child. Usually the parent claiming the child may file as Head of Household, which can lower taxes. The Rhode Island Child Support Guidelines presume that the parent with primary possession can claim the child for tax purposes. The parties can negotiate who claims the child, or to even alternate years claiming the child as a dependent.  Negotiating for this benefit is important.

RI Division of Taxation to Same-Sex Couples

What is the status in Rhode Island for same-sex couples who have been lawfully married in another state or who are partners of a Rhode Island civil union? The R.I. Division of Taxation has clarified its position regrding same sex couples on September 21, 2012.

Divorce Tax Breaks based upon Children

Divorce brings choices regarding income tax filing. As a Rhode Island divorce attorney and mediator, practicing from Narragansett to East Greenwich, from Warwick to Providence and Barrington, Steven Hirsch understands that these tax considerations should be considered in a divorce.

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