If you are recently divorced or are in the process of getting divorced there may be new considerations that must be taken into account as you prepare and file your 2015 tax return.
The initial question is whether or not a joint return will be filed. If you were divorced at any time in 2015 you must file individual returns. If the divorce was started, but not finished, in 2015 a joint return may still be appropriate and may hold significant financial advantages. You should consult with and rely upon the advice of your tax preparer in making these decisions. This post is not tax advice.
If you are pegging or receiving alimony be sure to note that reality in the appropriate section of the return. Review your settlement agreement or any orders which may detail who gets to claim the children as exemptions and in which years. Additionally, mortgage interest, real estate taxes, and other deductions can be claimed by one party or allocated between the two of you.
Alert your tax preparer to the status of your divorce so that the returns can be prepared accordingly and take advantage of what is otherwise a difficult situation.
