If you divorce in 2015, there are a few important things to be aware of in order to avoid potential hassles. Use this quick cheat sheet well in advance of the filing deadline:
- Know your filing status. If you divorced anytime before and up to December 31, 2015, you are considered divorced for the entire year. There is no “part-time married filing jointly” category. You'll either need to file as single or head of household, if you qualify.
- Review your settlement agreement in order to determine who can claim the children as exemptions.
- Ensure you have an IRS form 8332 signed, if required. This form is the release of claim to exemption for a child of divorced or separated parents. A copy of this form must be attached to your income tax return in order for you to claim the tax exemptions for children not living with you.
- Determine the amount of your withholdings on your form W4.
- Ensure you’ve done estimated payments if your withholding is not enough, or if you're receiving alimony.
There are many more items to consider, but these 5 should get you thinking. If you have questions related to these items, please contact your CPA for assistance.
Robert D. Bordett CFP, CDFA
Collaborative Practice and Mediation Services
888 U2AGREE (888.822.4733)