Weekly Divorce Tip: Dealing with Tax Returns and Tax Refunds
On this tax-day eve, here are a few tips that may help you if you are facing divorce or newly divorced.
- If you are filing joint tax returns with your husband (”married filing jointly”) and your husband prepared the returns, make sure you review the contents before affixing your signature. If you sign joint tax returns without being aware of the contents, you could inadvertently participate in tax fraud or evasion.
- If you are “married filing jointly” and your husband is pressuring you to “SIGN NOW!”, call your accountant, H&R Block or the IRS and find out if you can file for an extension. If you can file an extension, it will give you the time you need to review your returns before filing them some time after April 15, 2008. If you plan on filing an extension, ask if you will need to make any payments by the 15th to avoid any penalties and/or interest.
- If your husband prepared the joint returns, make a complete copy with schedules and W-2s, 1099s or other attachments. If your husband only gives you the signature pages, tell him you need to see the complete document before signing.
- If your husband has already filed his income tax returns (”married filing separately”), you may still have enough time to get yours filed before the filing deadline. There are a variety of programs you may use including TaxCut Software from H&R Block, or you may File online with TurboTax: #1 rated and #1 selling tax software!
- If you are recently divorced and unsure about deductions, filing status and dependency exemptions, read our article Tax and the Single Girl - Seven Things you Need to Know, written by tax lawyer Kelly Phillips Erb.
- If you’ve already filed jointly and you anticipate receiving a tax refund, don’t assume it belongs to your husband. If you were married for part or most of the year, the tax refund may be divisible community property or, in equitable distribution states, an asset that should be equitably distributed. If the tax check is written to both you and your husband, you might suggest going to the bank together to cash and equally divide the refund on the same day.
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Posted by ModDiva on April 13th, 2008 filed in Divorce Income and Assets, Divorce and Taxes |
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