Discussion:Dependent care expense, noncustodial parent
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Discussion Forum Index --> Tax Questions --> Dependent care expense, noncustodial parent
Kareneemery (talk|edits) said: | 28 June 2007 |
| I just want to verify that there are no loopholes that I'm missing. Taxpayer is divorced. Ex-wife gets to claim kids as dependents on her tax return, but separation agreement states that taxpayer can claim credit for childcare expenses. They have joint custody, as per their agreement. But if he isn't the custodial parent by virtue of kids living with him more than half of 2006, he can't get that credit, regardless of what separation agreement states. Correct?
Thanks for any assistance. | |
| 28 June 2007 | |
| I had a simalar situation & my findings agree with you. The non-custodial parent has little advantage. | |
Kareneemery (talk|edits) said: | 28 June 2007 |
| I think he just got a raw deal on his agreement. And he has a dependent care plan at his workplace which paid him benefits which he'll have to claim as income. I'm sure he didn't expect any of that to happen. | |
| 28 June 2007 | |
| Divorce is an expensive proposition. Husbands, take note: Love your wives (that is, each husband love his one wife, not suggesting polygamy here. Just wanted to clarify:). | |
| 28 June 2007 | |
| And wives, obey your husbands!!!
| |
Bottom Line (talk|edits) said: | 29 June 2007 |
Just as long as the husbands obey the wives too 
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Kareneemery (talk|edits) said: | 29 June 2007 |
| And THAT'S -- the bottom line.
Thanks, all. | |
| 29 June 2007 | |
| I have loved my one and only wife for pretty close to 60 years. My how time flies when your still having fun. For us the honeymoon never seemed to end. | |
| 29 June 2007 | |
| Good for you, 1040man. If you haven't heard it, listen to Brad Paisley's "Waitin on a Woman" on his Time Well Wasted CD | |
Death&Taxes (talk|edits) said: | 29 June 2007 |
| Sentiment aside, this is a push/shove problem. Client would have done well to have called you before signing the agreement, but once you tell him he can't take the credit, maybe he doesn't want to pay for it but then ex will be awarded more for child support.
Divorce is a lose-lose proposition. | |
Kareneemery (talk|edits) said: | 29 June 2007 |
| I agree, Death&Taxes. I have no idea what kind of advice there was for him when the agreement was put together. Here's the main silver lining in his cloud: Of 2 kids, only one qualifies in terms of age and she'll turn 13 this year. It's only been one year of lost credit, at least.
Congratulations, 1040man. Not many can say, even if they get anywhere near that long together, that it's still like their honeymoon. I hope I'll be able to say the same thing someday, about 40 years down the line. If I live that long! | |
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