Question:

I was supposed to claim our kids for taxes this year but am a little behind on child support. If she claims the kids for taxes does that go toward back child support?

Question: 

My ex and I have joint legal custody. In 2005 I gave him primary physical custody so he could spend his time raising our daughter. He put her through school and paid for all of her expenses, so I gratefully gave him all the income tax for every year he had her.

We decided on no child support because we both have her equal amounts of time; I have her every day she is not in school. Last year she moved in with me but I did not have the paperwork changed to show that I had primary physical custody. Since I had her in school I paid all her expenses and asked him for no child support.

Now that it is income tax season I told him I was going to file her on mine since I had physical custody and he paid no child support. He says that because I did not change the paperwork it is illegal for me to claim her. I say I should get the income tax and that he gave up his primary physical custody when she moved in with me. Who is right?

by Michael “Your Plan of A-Tax” Isenhart, E.A.

Will you still be able to claim your child as a dependent for 2009 and forward?  Did you know that final regulations going into effect this year that allow the revocation of a child exemption granted to you in a previous year?  Are you aware that beginning January 1, 2009 there is only one best way to ensure the tax deduction for your child remains valid going forward?
 

hosted by Joseph Cordell, JD, CPA, LL.M

Is your retirement safe? Stephanie McCracken guest-hosts. In this episode Cordell & Cordell attorney, Milandria King, Esq, discusses the intersection where retirement benefits meet divorce litigation.

 If you're looking for innovative solutions to protect your assets, this is your show!