What happens to your taxes when you get divorced
When you get divorced, you get a new tax filing status that is determined as of the last day of each year. In addition, if you have children, only one parent can claim them as dependents each year. The IRS has special tiebreaker rules to determine who can claim the kids, and the associated tax credits, but you can also agree which parent will claim the children each year in your separation agreement.
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2 thoughts on “9 Events When Your Taxes Drastically Change”
Just a quick question if a person has not worked for a year and she has no medical insurance does she have to pay the fee at tax time because she does not have a job
It depends on your household income and the plan year. For 2018 plans and earlier, if insurance is unaffordable to you based on your income, you may qualify for an exemption from the fee. Other exemptions are based on low income too.