On Dec 7, 2007 7:18 AM, Mitch Haley <[EMAIL PROTECTED]> wrote: > > > "Kaleb C. Striplin, work" wrote: > > > > Well, looking on the brite side, at least I will have 5 kids to claim on > > taxes now. > > Take a close look at the dependency rules. IRS has a checklist for this. > > If they were born this month, you'd be supporting them the whole time they > were alive this year and would claim them on your 2007 return. If you > shared custody with your ex who had them for 11 months, your ex would > claim them. If you adopt or become a foster parent after the year is > more than half over, I'm not sure how it works. >
Mitch is right that the federal dependency rules are tricky. I'm an accountant by training, among other things, and it's been a couple of years since I did any individual income taxes other than my own---but I'm 99% sure the question in this case boils down to who provided the majority of the support for the minors during the calendar year, rather than who was supporting them on December 31st. So Kaleb & Regina can't claim the three new ones as dependents on their 2007 return, but (assuming the kids don't end up living with someone else) they _will_ be able to claim them for 2008. That makes for a nice fat exemption! Usual disclaimers, plus I don't know anything about Oklahoma state income tax. Alex Chamberlain '87 300D Turbo et al. _______________________________________ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
