by Jill Maturino | Jul 16, 2012
Under federal law, the custodial parent is entitled to claim the dependency exemption on their tax returns, absent an agreement or Court Order to transfer the exemption to the non-custodial parent. The custodial parent may still claim head of household, earned income... by Jill Maturino | Jul 16, 2012
The parent who claims the dependency exemption for a child under age 17 is entitled to claim the child tax credit. Until 2008, the credit will be $700; in 2009, $800 and; in 2010, and thereafter, $1,000. However, the child tax credit is phased out for taxpayers with... by Jill Maturino | Jul 16, 2012
Under federal law, the child care credit may be claimed on either a joint tax return or on a separate return by a person eligible as “Head of Household.” The child care credit provides tax credits based on income levels for employment-related child care expenses up to... by Jill Maturino | Jul 16, 2012
A taxpayer who adopts an eligible child can claim a tax credit up to $10,000 per child for qualified adoption expenses, plus cost-of-living adjustments. An “eligible child” includes any person who is under age 18, is physically or mentally incapable of self care or is... by Jill Maturino | Jul 16, 2012
Absent a written Agreement between the parties, the Maryland Court cannot require either spouse to maintain life insurance for the other spouse’s benefit or for a child’s benefit. However, parties are free to enter into a written Agreement which requires life...
