taxes filed for new divorcee

[seaviewnow]

What is the name of your state? rhode island

thank you for this forum.

I was wondering if you can direct me to more thoughts on my deductions?

1. Divorced before July 1, 2007 - 26 years housewife - no independent income

2. joint owner still of house

3. mortgage paid by ex

4. RI taxes split to equal $4200.00 each/year

5. alimony equals to me - $2200/month = $26,400/year

6. IRS would consider me Head of Household as I live in the house and provide for
more than 1/2 of household costs AND whose household is the principle residence
of at least one dependent.

7. Dependent living with me for more than 6 months is 20 years - full time student.

8. I paid for 1/2 of college. Can I deduct this expense as well as having the student as a dependent?

9. no other income as of the year 2007.

10. can I be counted as a dependent?

 

[TinkerBelleLuvr]

What is the name of your state? rhode island

thank you for this forum.

I was wondering if you can direct me to more thoughts on my deductions?

1. Divorced before July 1, 2007 - 26 years housewife - no independent income

2. joint owner still of house

3. mortgage paid by ex

4. RI taxes split to equal $4200.00 each/year

5. alimony equals to me - $2200/month = $26,400/year

6. IRS would consider me Head of Household as I live in the house and provide for
more than 1/2 of household costs AND whose household is the principle residence
of at least one dependent.

7. Dependent living with me for more than 6 months is 20 years - full time student.

8. I paid for 1/2 of college. Can I deduct this expense as well as having the student as a dependent?

9. no other income as of the year 2007.

10. can I be counted as a dependent?

First a few questions:
Anything in the divorce decree about who claims your child?
Any savings? Dividends? Stock sales from the divorce? Cash out any retirement funds? (roll-overs not counted here.)

 

[seaviewnow]

First a few questions:
Anything in the divorce decree about who claims your child?
Any savings? Dividends? Stock sales from the divorce? Cash out any retirement funds? (roll-overs not counted here.)

Thank you for your prompt reply.

No none of the above.

 

[TinkerBelleLuvr]

3. mortgage paid by ex

Is the mortgage considered part of the alimony?

4. RI taxes split to equal $4200.00 each/year

See above question.

5. alimony equals to me - $2200/month = $26,400/year

Ok

6. IRS would consider me Head of Household as I live in the house and provide for
more than 1/2 of household costs AND whose household is the principle residence
of at least one dependent.

True

7. Dependent living with me for more than 6 months is 20 years - full time student.

Okay

8. I paid for 1/2 of college. Can I deduct this expense as well as having the student as a dependent?

If you are claiming your child, then you will take all the pertinent college costs. Because of your income level, you will probably be better off using the Education credit (backside of 1040).

9. no other income as of the year 2007.

ok

10. can I be counted as a dependent?

You are NOT a dependent. You claim your own exemption.

Answer the above question, please

 

[seaviewnow]

Is the mortgage considered part of the alimony?

No, the mortgage is separate from alimony. Part of the settlement but not alimony.

Taxes are paid separate from the mortgage... Not included in the mortgage.

thank you.

 

[seaviewnow]

Is the mortgage considered part of the alimony?

No, the mortgage is separate from alimony. Part of the settlement but not alimony.

Taxes are paid separate from the mortgage... Not included in the mortgage.

thank you.

Also, Taxes were not part of alimony but part of the settlement.

 

[TinkerBelleLuvr]

The standard deduction is $7850 this year for tax year 2007. Depending on the size of the mortgage, you may want to go with a standard deduction instead of itemizing.

Because of the size of your income, you may find help going thru VITA - or try the electronic filing that is available thru the www.irs.gov website.

 

[seaviewnow]

The standard deduction is $7850 this year for tax year 2007. Depending on the size of the mortgage, you may want to go with a standard deduction instead of itemizing.

Because of the size of your income, you may find help going thru VITA - or try the electronic filing that is available thru the www.irs.gov website.

Wonderful! thank you for your time.