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Description:
This book is for preparing 2023 taxes. Divorce can be a trying time for both parties, and taxes are generally the last thing on their minds. As tax preparers, we have the responsibility to explain the tax implications of divorce to our clients and to properly report items on their tax return. Knowing how to treat payments (alimony, child support and other payments) and transfers of property is essential to the completion of the return.
When there are children involved, the matter can become more complicated as generally only one parent can claim the tax benefits related to a dependent child. Parents who are divorced or separated and who share custody of a child with an ex-spouse will need to understand the rules regarding who may be eligible to claim the child for tax purposes.
If practitioners are dealing with clients who live in community property states, knowledge of the community property rules will be imperative. Be prepared and knowledgeable when clients come to you with tax related divorce questions.
Topics include:
- Identify the appropriate filing status for divorced or separated taxpayers
- Summarize the exceptions to joint and several liability when a joint return has been filed
- Determine which parent is eligible to treat their child as a dependent
- Differentiate alimony, child support, and property settlements
- Summarize the tax treatment of a qualified domestic relations order (QDRO)
- Assess community property state complications
Item Number: 23334
Level: Basic
Authors: NATP Staff
Published: 2023
Format: Print - 96 Pages
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Corresponding CPE Courses:
Get the e-book FREE when you purchase the corresponding 2023 course when available.