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Am I right in thinking only one parent can claim for a tax deduction for a child?
Posted: Fri Dec 01, 2023 12:11 pm
by Block
Hello,
Am I right in thinking only one parent can claim for a tax deduction for a child?
Thank you
Re: Am I right in thinking only one parent can claim for a tax deduction for a child?
Posted: Fri Dec 01, 2023 12:16 pm
by captainspoke
Isn't this kind of asking for the judgement of solomon?
Or at least a little nod in that direction?
Re: Am I right in thinking only one parent can claim for a tax deduction for a child?
Posted: Fri Dec 01, 2023 1:27 pm
by Tkydon
Yes, the parent with the higher income, and therefore the higher marginal tax rate should use the Dependent Allowance to reduce their taxable income for the greater tax saving.
Re: Am I right in thinking only one parent can claim for a tax deduction for a child?
Posted: Thu Dec 07, 2023 1:24 am
by Block
Thank you Tkydon. That's very helpful.