Reisinger Booth & Associates, P.C., L.L.O.
402-983-8213

4 things to know about filing taxes during a divorce

That time of year is upon us again. You and other Nebraskans may already be waiting for your W-2 forms in the mail so you can begin working on your tax return. If you are recently divorced or in the middle of a divorce, filing your taxes is likely to be a different experience from what you are used to.

The following information, provided by Intuit, may give you an idea of what to expect when you are doing your taxes as a new or soon-to-be divorcee.

Child support and alimony

Since child and spousal support are forms of income, how do they fit into your taxes? If you receive payments, you do not have to report child support. Any form of spousal support is taxable, however, and you must report it. This is also true of other court-ordered payments. For example, if your ex was told he or she must make the mortgage payments on your home, this will most likely count as a form of spousal support and you will need to report it.

If you are the paying ex-spouse, the child support you pay is not deductible on your tax return, but spousal support is.

Claiming dependent children

The family law court might have ordered you and your ex to alternate claiming your children as dependents, but if you are the primary custodial parent, you will most likely have the right to claim them, as well as the child credit.

Filing jointly or separately

Was your divorce final before midnight on December 31? Then you will file separately. However, if you are not yet divorced or were still legally married after the beginning of the year, you and your spouse will need to decide on how to file. Usually, filing jointly gives you the greatest tax benefits.

Transfer of assets

It can get complicated when assets are transferred. Whether you sold your marital home, had the deed signed over or are splitting retirement assets, it may be less confusing and more beneficial to consult with a tax advisor on these matters.

Filing your taxes after a divorce can take some getting used to, but those who are knowledgeable in tax matters may help the transition go more smoothly and give you the greatest benefits.

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Reisinger Booth & Associates, P.C., L.L.O.

7602 Pacific Street, Suite 222
Omaha, NE 68114

Phone: 402-983-8213
Fax: 402-457-6309
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