Taxation of Marriage, Divorce, and Dependents

CPE Credit: 4 hours

This 4-hour webcast is designed to provide attendees with the latest information concerning taxation law related to filing as married, married filing separately, divorce ramifications, and the complexity of dependency exemptions. Attendees will receive a comprehensive discussion of the uniqueness of these specific areas. The aspects of dependency, for example, may seem simpler than they really are. Stay tuned for an eye-opener, including the tie-breaker rules, release of exemption via Form 8332, and various others.

Topics Covered

• Marital status according to tax law
• Divorce and remarriage
• Same-sex marriage following the Windsor case decision
• Tax aspects/ramifications of married filing jointly
• Advantages and disadvantages of married filing jointly
• Tax aspects/ramifications of married filing separately including reasons to file separately
• Advantages and disadvantages of married filing separately
• Married filing separately and spouse itemizes deductions
• When taxpayers should file as married filing jointly vs. married filing separately
• Can a married individual qualify for head of household status?
• Filing status where divorced or separate
• Property settlements with respect to a divorce or separation
• Alimony requirements including recapture of alimony
• QDROs
• Costs of getting a divorce and related tax deductions, if any
• Innocent spouse relief
• Dependency exemptions
• Exemptions for children in a divorce situation release of dependency exemption per Form 8332 including release/revocation of release of claim for exemption for child by custodial parent
• Sale of home in a divorce situation
• Medical deductions and benefits for dependents in a divorce situation
• Personal exemptions and potential phaseouts
• Tax rules for children and dependents
• How ACA affects married couples and their families including defining “household income” and calculating an individual “shared responsibility payment”
• Parent’s election to report child’s interest and dividends

Learning Objectives:

• Provide attendees with a useful discussion of when and why married taxpayers should file one way or the other
• Provide a solid discussion of tax ramifications in separation/divorce situations
• Provide, in hopefully easy to comprehend terms, the many ramifications of dependency exemptions