A ‘Little Luck of the Irish’ is always welcome! If you were lucky enough to get married ANYTIME before December 31st, then your wife and kids can be considered YOURS for tax purposes when you file, even though the marriage was only recent! This also excludes any other potential ‘claimer’ from claiming what is NOW yours! Extra dependents are always welcome now aren’t they? And you might get an added benefit if there are kids and you qualify for earned income credit. The honeymoon could be exceptional with a refund instead of a tax bill!
Exclusions DO Apply
Watch your ‘p’s’ and ‘q’s’ here though… if your new wife has given permission to the natural father for the purpose of claiming either dependent status or earned income credit, you NEED to know. Two people filing for the same children’s credit is a definite RED FLAG to the powers that be! Your new wife, if she is considered the custodial parent, may choose to give that permission or NOT. But if both parents are considered custodial parents, as in the case of joint physical custody, the slope could be slippery. Also know that any income your wife has had, must be added to yours… and this could dampen the dream of riches just a bit if it makes the income level too high for credit or refund!
When getting married, people do not usually think much about benefits or short-falls… such is love! But marriage can throw a curve ball in your tax situation and you can either “hit a homer” or “strike out!” Not to worry… there is a whole year ahead to get tax relief information together and be ready to hit the ball next tax season… with a new set of dependents to throw into the ball game!
