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Odd Situation / Tax Question
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<blockquote data-quote="KTMom91" data-source="post: 202673" data-attributes="member: 4040"><p>Another thing...if Nichole files first, and claims Aubrey, and gets her Earned Income Credit and all through one of those file fast and get a loan on your refund places, you and husband won't be able to file electronically and claim Aubrey. If you both claim the same dependents, the IRS will send you each a letter telling you to prove who has the right to claim the dependents. If no one does anything, the IRS will make the decision, and then bill one of you for the amount of the refund plus interest. This takes them about three years, so the interest can add up. Owing the IRS can affect Nichole's student loan situation, if she has one, and as you already know, back child support comes right off the top. </p><p></p><p>If you have an IRS TAC office nearby, go in and talk to someone regarding the tax law on this. It's been several years since I worked there, and things change, and better safe than sorry.</p></blockquote><p></p>
[QUOTE="KTMom91, post: 202673, member: 4040"] Another thing...if Nichole files first, and claims Aubrey, and gets her Earned Income Credit and all through one of those file fast and get a loan on your refund places, you and husband won't be able to file electronically and claim Aubrey. If you both claim the same dependents, the IRS will send you each a letter telling you to prove who has the right to claim the dependents. If no one does anything, the IRS will make the decision, and then bill one of you for the amount of the refund plus interest. This takes them about three years, so the interest can add up. Owing the IRS can affect Nichole's student loan situation, if she has one, and as you already know, back child support comes right off the top. If you have an IRS TAC office nearby, go in and talk to someone regarding the tax law on this. It's been several years since I worked there, and things change, and better safe than sorry. [/QUOTE]
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