How Shared Custody Can Complicate Your Tax Returns

January is typically the month when we start to collect year-end tax documentation in preparation for the April tax season. While filing income taxes can be complicated for many of us, it can be especially confusing for divorced parents with children.

Shared custody arrangements can raise questions regarding which parent is eligible to claim dependents and, therefore, receive tax credits. For some guidelines on claiming dependents and tax credits when sharing custody of your children with your ex read, “How to Do Your Taxes if You Share Custody of Your Kids.”