Newly divorced with an income tax question

[Soupermom]

My divorce will be final this fall. In the past my DH and I always claimed married (2 dependent children) and always recieved a refund in the spring. What should I claim now? I think we will each be claiming one child (H.S. and college ages) for tax purposes. I could use some extra cash flow now, but I don't want to have to pay taxes in the spring either.

Thanks for any help anyone can give!

 

[RitaE]

Your filing status is determined by your Marital status on the last day of the tax year. You will likely qualify as a Head of Household.

http://www.irs.gov/uac/Eight-Facts-About-Filing-Status

 

[Lady V]

I would recommend you take the younger child for your deductions. (I do not know a lot about taxes and refunds but I can only speak from doing my own families each year) I know when my step-sons turned 17 there were no more deductions for them until they started college. It seemed 17 is the cut-off.

 

[clh2]

I would recommend you take the younger child for your deductions. (I do not know a lot about taxes and refunds but I can only speak from doing my own families each year) I know when my step-sons turned 17 there were no more deductions for them until they started college. It seemed 17 is the cut-off.

You can still claim your child as a dependent. But the year they turn 17 - you lose the Child Tax Credit. Once they start college - you can pick up on the American Opportunity Tax credit if you qualify.