I get many inquiries with this question: Who may claim the dependency exemption for income tax filings? The law is simple, but applying it can be complicated. Just like life itself, huh.
Here is the Colorado statute:
Dependency exemptions. Unless otherwise agreed upon by the parties, the court shall allocate the right to claim dependent children for income tax purposes between the parties. These rights shall be allocated between the parties in proportion to their contributions to the costs of raising the children. A parent shall not be entitled to claim a child as a dependent if he or she has not paid all court-ordered child support for that tax year or if claiming the child as a dependent would not result in any tax benefit.
There you have it.
You do need to make sure the correct forms are filed with the IRS. I have a case right now where the financial gain of receiving the exemption is nearly equal to the entire year of child support payments owed.
Spring break - no post next week.