Dependency Exemptions: Divorce

What is a child dependency exemption? If a separated or divorcing couple has children, an important tax decision involves assignment of the child dependency exemption. Exemptions are fixed amounts that you subtract from your adjusted gross income (AGI) to calculate taxable income. You can deduct $4,050 for each exemption you claim (for 2016 and 2017). Along with personal exemptions, you’re generally allowed one exemption for each person you can claim…  Read more

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