As part of the divorce process, parents must decide who will claim their child as a dependent on their income taxes. One parent may claim the child every year, or parents may agree to an alternating year schedule.
When children are very young, divorcing parents are mainly concerned with who gets to claim the dependent child tax credit. However, when children enter college, other tax credits and deductions become available that parents may not have been aware of during their divorce.
Have a child in college — and is it your turn to claim them as a dependent? Check out these four extra tax breaks that you could help you reduce how much you owe the IRS. Read more