Last Minute Tax Advice ... needed

[Mako Koiwai]

My Ex typically takes our son's Dependent deduction ... and needs it more then I do. However I'm the one that is paying most of his college costs. The education deductions however give the credit.deduction to the person who is claiming the Dependent deduction. Any way around that ?

[Steve Ekstrand]

Kill the ex.

[KJ Christopher]

My Ex typically takes our son's Dependent deduction ... and needs it more then I do. However I'm the one that is paying most of his college costs. The education deductions however give the credit.deduction to the person who is claiming the Dependent deduction. Any way around that ?

You could override the program. Or take it to HR Block.


The credit is shifted from the student to the taxpayer getting the deduction under section 151 (exemption for dependents).

If you're in a higher tax bracket, it may make sense to take the deduction and credit yourself and then settle up with your ex. Depends on the amount of $$ and the amount of involved in speaking with your ex.
/

[Mako Koiwai]

I've done that occasionally in the past with her ... but this is the first time that the now-in-college expenses are coming up. Must recalculate ....

btw. she's available ... I would really appreciate not having to pay alimony anymore!

Here with a fellow racer ... Mustangs I believe:

[Jeff Shyu]

btw. she's available ... I would really appreciate not having to pay alimony anymore!

[Giovanni Jaramillo]

Kill the ex.

I SWEAR Steve I was THINKING that but didn't want to post it!!!

[Steve Ekstrand]

Kill the wife, you lose the alimony and you gain the deduction.
Seems simple to me.

}:)

[Kurt Rahn]

Kill the wife, you lose the alimony and you gain the deduction.
Seems simple to me.

}:)

Actually, Steve's right on, except that you're best off convincing Patrick Dempsey to kill her instead. Then you lose the alimony, gain the deduction and stay out of jail.

[Bob Pl]

I don't have a joke post, but here is the way I had one of my clients do it.

If you are on good terms with ex, have her claim the "above the line" tuition & fees deduction. She can calc her return with and without the deduction & reimburse (give) you the tax benefit (that she gets) amount on her tax return.

Depending on the AGI (adjusted gross income) of each of you there may be a deduction limit.

She loses nothing, you get the tax benefit of having paid the tuition & fees, the above the line deduction is not lost.

You are correct that the deduction "attaches" to the dependent.

[George Schilling]

Kill the wife, you lose the alimony and you gain the deduction.
Seems simple to me.

}:)

I joke that I had my ex knocked off, but she died young of natural causes. But, it sure changed my life in a positive way. No more arguing, a $4000 a month shift in income, stability for the kids. The only negative was the kids growing up without a mother. Fortunately, they had had plenty of positive female influence.

[KJ Christopher]

Here with a fellow racer ... Mustangs I believe:

did he get out of the RX8?

[Bill Schenker]

... Fortunately, they had had plenty of positive female influence.

M..u..s..t...re..sis..t..the..temp..ta..tion....

[Mako Koiwai]

Ex is signing over the Exemption to me ... going to cost me ... but I made it worth her while and it's helping me A LOT! Whew .... (Bought the TurboTax Audit Defense Just in Case ... $35 piece of mind ... well worth it. Audit Alert was low anyway. )

[Mako Koiwai]

McDreamy is driving a Ferrari later this year at some event in France?

http://blog.wired.com/cars/2009/03/actor-patrick-d.html

[Kathy Teulie]

I think you should just take both deductions and then settle with her off-line.

[Steve Ekstrand]

"McDreamy" drives a bunch of different cars.