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Divorce and Taxes

2022 – 06/22 Taxpayers going through a divorce or legal separation will see changes to their tax situations. But filing status won’t change until there’s a final decree of divorce or separate maintenance. Once a decree is issued, each party should file a new Form W-4 (Withholding Certificate) to ensure proper withholding. If there are dependent children, generally the custodial parent may claim the children on his or her tax return, absent an alternate agreement. If the divorce includes property transfers, there might be gains or losses resulting in the need to file a gift tax return. Here’s more from the IRS, including facts about alimony and a tool to help adjust withholding: https://bit.ly/3A0TX6O

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