Okay, if someone can help me out here, I'd really appreciate it. As I was preparing/doing the first cut of my 2010 taxes, there's something that I've noticed that I wasn't aware that I could claim.
Basically, what used to be the "equivalent to spouse" deduction allows an individual who is separated and is not claiming the spousal amount to effectively designate just one of their children for this tax credit. It seems to me when I read the conditions, that I should be able to claim this - and I haven't in the past. My questions are this:
1. Do I have this right? As a single father who has sole custody for the last 2.5 years, am I right that I should be claiming this?
2. If #1 is yes, then how would it work if both parents have shared and equal custody? Who would get to claim this credit or would it be split? We have been separated since July 2007. We had equal and shared custody for the remainder of 2007 and up until November of 2008 at which time I had sole custody. If I'm right that I should be claiming this for 2009 and 2010, how would it work for 2007 and 2008? If she has claimed it, and if I can't, that doesn't seem equitable to me since we had 50/50 custody.
Any thoughts would be greatly appreciated
Rick
Basically, what used to be the "equivalent to spouse" deduction allows an individual who is separated and is not claiming the spousal amount to effectively designate just one of their children for this tax credit. It seems to me when I read the conditions, that I should be able to claim this - and I haven't in the past. My questions are this:
1. Do I have this right? As a single father who has sole custody for the last 2.5 years, am I right that I should be claiming this?
2. If #1 is yes, then how would it work if both parents have shared and equal custody? Who would get to claim this credit or would it be split? We have been separated since July 2007. We had equal and shared custody for the remainder of 2007 and up until November of 2008 at which time I had sole custody. If I'm right that I should be claiming this for 2009 and 2010, how would it work for 2007 and 2008? If she has claimed it, and if I can't, that doesn't seem equitable to me since we had 50/50 custody.
Any thoughts would be greatly appreciated
Rick
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