Thursday, June 30, 2011

Dependents on taxes?

I have heard that you can only claim your kids on taxes if they are in your custody 6 months out of the year, I am going to be providing medical and dental insurance on my kid as well as paying child support and her mother collects state assistance and lives quite a distance from me does anyone know if its possible to claim my kid on my taxes for providing the insurance?
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Tax Information for Non-Custodial Parents The non-custodial parent is the parent who is not the custodial parent. Here the custodial parent is the parent with whom the child shared the same principal place of abode for the greater portion of the year. Do you pay child support? If YES, you should be aware of Federal tax issues that could affect you ability to claim your child as a dependent, or take certain tax credits. Claiming Your Child as a Dependent Special rules apply when determining who may claim a child as a dependent. For example, if you are the non-custodial parent and provide more than half of your child's total support, you still may NOT be able to claim the child as a dependent. Generally, the custodial parent is allowed to claim the exemption for a child who is a dependent even if the non-custodial parent provides child support. A special rule may apply when the parents of a child are divorced or legally separated or when the parents live apart at all times during the last 6 months of the calendar year. If this rule applies, the non-custodial parent may claim an exemption for the child if the custodial parent signs a Form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents, or a substantially similar statement, or if a divorce decree, a decree of separate maintenance, or a written separation agreement provides that the non-custodial parent is entitled to the dependency deduction for the child.
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