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Day: October 31, 2017

October 31, 2017

What is the Tax Dependency Exemption and Who Should Get It?

[column width=”1/1″ last=”true” title=”” title_type=”single” animation=”none” implicit=”true”] The federal government allows taxpayers to exclude from their income an exemption amount for each person who is a dependent of the taxpayer for that taxable year. You can claim a tax dependency exemption if you are a parent who provides support to a dependent minor child. But what happens after divorce when you no longer file joint returns? In Nebraska, the tax dependency exemption is considered an economic benefit similar to an award of child support or alimony. If the parents do not agree how the exemption should be allocated, the judge
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