tax questions...

[Michelle My Bell]

First my question... Should I file my taxes desperately or jointly with my soon to be ex husband for the maximum tax return and benefit?

 

Now for my situation... My ex and I were going to file jointly one last time this year because I thought we would get a better return that way. I was going to get to keep 6/7 of it because the kids all live with me. He would get 1/7. He made a lot more money than me, probably around 30,000. I made about 5000.00.

 

My daughter got a scholarship for college next year that pays a good percentage of her school Bill but if she qualifies for FAFSA, they will upgrade her scholarship to 100% tuition covered. I wonder if I claimed her by myself if that would help our chances there.

 

My second question is would I get as much of a return if I filed by myself? I know we get CHILD tax credits and such that give us the return. We live in Ohio if that helps. This may be impossible to answer as there may be too many variables. I appreciate any help you all can provide.

[LucyStoner]

Was the divorce finalized in 2012? If the divorce degree was issued on or before Dec 31, it is a violation of the tax law to file jointly. Your marital status on Dec 31 is your status for they year. If you are married and not legally separated on that date you can file married joint or married filing separately (not wise for low income households.) If you are legally separated, I believe you can choose to file married or single. If you are divorced and share custody, you can each file "Head of Household" but only 1 parent can claim each child. If you are merely separated, you can choose to file jointly or if a divorce decree was issued in 2013 you can file jointly.

 

Run the numbers through online turbo tax both ways and see. I don't think your daughter will lose any need based financial aid either way- $35,000 for a family of 7 is at the federal poverty line. If you need to file separately, your husband's income will merit him the larger EITC if he claims the kids (provided he will share this with you.)

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[Michelle My Bell]

Was the divorce finalized in 2012? If the divorce degree was issued on or before Dec 31, it is a violation of the tax law to file jointly. Your marital status on Dec 31 is your status for they year. If you are married and not legally separated on that date you can file married joint or married filing separately (not wise for low income households.) If you are legally separated, I believe you can choose to file married or single. If you are divorced and share custody, you can each file "Head of Household" but only 1 parent can claim each child. If you are merely separated, you can choose to file jointly or if a divorce decree was issued in 2013 you can file jointly.

 

Run the numbers through online turbo tax both ways and see. I don't think your daughter will lose any need based financial aid either way- $35,000 for a family of 7 is at the federal poverty line. If you need to file separately, your husband's income will merit him the larger EITC if he claims the kids (provided he will share this with you.)

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Yes, we are merely separated and have not begun any final proceedings yet. He has agreed to share the money with me thankfully so I guess I will take your advice and run it both ways. Thanks so much!

[QueenCat]

For the FAFSA form, both parents have to give their information, even if divorced. Remember that FAFSA is a form used by many entities to determine qualifications for various programs, and is not a program that actually gives money to students.