Tax Tips For Divorced Couples – TurboTax Tax Tip Video

[Music] Hi, I’m Richard from TurboTax with tax tips
for divorced couples. No one gets married preparing to get divorced,
so many newly divorced people are unprepared for the tax rules that they may now be subject
to. Here are a few things to think about if you’ve
gotten divorced. First, if you have children, only one parent
may claim an exemption for them. Generally, the child must live with you during
the year to claim them as a dependent, but a non-custodial parent can still take the
exemption. They will need the custodial parent’s permission
and that parent must sign IRS Form 8332. Second, child support is not tax deductible
for the parent making the payments. If you are receiving child support payments,
note that they aren’t considered taxable income. They also don’t count towards the Earned
Income Tax Credit. Three, you may now also have alimony payments. If you are receiving alimony payments, you
will need to declare them as income on your tax return. On the flip side, if you’re the one making
the alimony payments, you may claim them as a tax deduction. Unfortunately, most costs of the divorce process
are not tax deductible, however attorney fees that relate to tax advice or obtaining alimony
can be an itemized deduction. For more information this and other tax topics,
visit [Music]

Michael Martin

55 Responses

  1. Needs two dislikes to achieve balance

    Are you kidding me, I come back a day later and the balance is maintained?! Keep it up!

  2. 00:12 Can someone please explain to me why the girl from the Ring is in this advertisement for tax preparation software

  3. Here's a funny one, call up at tax prep service and ask them if they've ever seen the law that requires an individual to file and or pay federal income tax? The lies and Bs you will hear are priceless. LOL the truth is the IRS is not part of the federal government. It is owned by the IMF who is owned by the World Bank, who actually is just private banksters. Now go back to sleep.

  4. The new law isn’t right. If you get money from your ex, you pay taxes. The person paying you gets refunded. Seems unfair and redundant. And also excessively complicated.

  5. I love Turbotax, they saved me hundreds that it would have cost me to do it elsewhere. My parents did taxes with Jackson Hewitt and had to pay 500$ just to do taxes this year. Never going back to these services ever, Turbotax is the only place where I want to do my taxes.

  6. Should have included filing status and the a side note that anyone who signed divorce papers after 12/31/18, the person receiving no longer has to include it as income and that the payee no longer is able to take a deduction for alimony paid.

  7. TurboTax sucks stay away from them they're nothing but freaking crap, money hungry assholes try to get your back taxes from these people for copies and they want money again

  8. Don’t sign any tax papers when you’re husband or wife wants your signature, you may end up in prison. Like teresa and Joe.

  9. Umm… not one tip about being in the middle of a divorce cause there’s no tips for that you’re screwed 😂😂😂 claiming separate you get like nothing back

  10. I feel no one deserves to be in a relationship with a narcissist they are terrible people that feel entitled thank God for my friend who referred me to an hacker and i was able to hack my narcissist partner's phone and see all the proofs i needed for a divorce and even terrible things they had planned contact John to help he is a genius, you can text/call +1 (415) 323-6758 or reach him on WhatsApp +1 (724) 330-3252 and also write to Via Gmail (geniustracker701)

Leave a Reply

Your email address will not be published. Required fields are marked *

Post comment