Author Topic: 50/50 split... please review  (Read 22115 times)

thomas.backus

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50/50 split... please review
« on: January 09, 2013, 01:40:02 PM »
I'm attaching my file that has all the info. Is it true I'll really only pay her $30 a month for CS? I'm paying insurance, Daycare and Direct expenses. I just found this hard to believe.


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Re: 50/50 split... please review
« Reply #1 on: January 09, 2013, 07:27:58 PM »
Looks right to me.  Did you think it was incorrect?  It's not just about what you are paying to Mom, but you are paying $642/mo for insurance, $332/mo to Mom just because you make more money, and you are paying $303/mo for the kids direct expenses.  So you are still paying out the nose, potentially.  But, you are only legally obligated to pay $29/mo to Mom on a monthly basis.  This is a great help for your finances.

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Re: 50/50 split... please review
« Reply #2 on: January 09, 2013, 07:29:26 PM »
I might note, I see a little typo in the calculator which needs fixed.  It doesn't affect the calculations, but the EPT worksheet has a typo.  I'll see if we can get that fixed.  Do you intend to file your worksheet with the court?

thomas.backus

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Re: 50/50 split... please review
« Reply #3 on: January 10, 2013, 09:57:45 AM »
Yeah We are planning to file it all next week. Thanks for looking it over!

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Re: 50/50 split... please review
« Reply #4 on: January 12, 2013, 01:31:58 PM »
A new calculator has been posted which corrects the typos.  Please let us know how your case goes.

thomas.backus

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Re: 50/50 split... please review
« Reply #5 on: March 07, 2013, 11:52:34 AM »
Question on line D.8 - Should that value be the insurance + Child care Costs or is that line supposed to use the tax adjusted values?

In my case, I pay 70 per month in Insurance and 572 for child care = 642

The total from D.4 and D.5 is 517. 642 - 125 (child care tax credits)

She claims the number in D.8 should be 517, I think it should be 642.

I also have questions on the income tax considerations (line E.3) and Alimony payments.

Re: Alimony Payments... We agreed on 750 per month. I need to include that on lines C3 (for me) and C4 (for her), correct?

For income tax considerations, she is technically the "custodial" parent, but I plan to file head of household and claim both kids to maximize the tax benefit. Are there any calcuators to figure out this tax benefit?

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Re: 50/50 split... please review
« Reply #6 on: March 07, 2013, 08:29:01 PM »
The parent paying child care receives the child tax credit usually, and therefore that parent has to reduce the payment they make for child care by the child tax credit.  Without any further information, I believe the $517 number is correct.

Yes, you are correct about spousal maintenance.  If you pay her $500/mo, tack on $500 to her income, and subtract $500 from yours.

I'm unsure about the income tax calculator.  Typically, I believe you would use the previous year's tax tables to determine the financial benefit by claiming head of household or for not sharing the income tax deduction.  That benefit would then be applied on a prorata basis to reduce (or increase) the child support obligation.  As far as a free calculator for this, I'm not aware of one, but you could probably get a trial version of the Bradley software, which may help you.

thomas.backus

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Re: 50/50 split... please review
« Reply #7 on: March 08, 2013, 09:51:19 AM »
Ok if that 517 number is correct, you might take a look at the spreadsheet, it puts in the higher number.

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Re: 50/50 split... please review
« Reply #8 on: March 08, 2013, 10:22:55 AM »
Since your sample worksheet has not been posted I cannot see what might be wrong.  But my guess is that you have not correctly filled out step 1 question 4, which asks who pays for childcare.  This question is required because the number of children paid for changes the child tax credit.  If you list 2 or more children on step 1, the ctax credit will be different than a single child.  Please check your input and let me know if that helps.  If you can omit your personal info and upload your worksheet I can see if it is working correctly.

thomas.backus

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Re: 50/50 split... please review
« Reply #9 on: March 08, 2013, 10:26:24 AM »
sorry, here you go. I checked version 6.3.2 and it does it the same.

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Re: 50/50 split... please review
« Reply #10 on: March 08, 2013, 02:08:00 PM »
Ahhh, I now see what you are talking about.  The $125 child tax is calculated correctly, but on line D.8, the child tax is not subtracted out for Father.  It does work for Mother.  I will get this raised as an issue.  It looks like a simple fix so I'm betting the author will have a new version available very soon.

Thanks for bringing this to our attention!

BMull

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Re: 50/50 split... please review
« Reply #11 on: March 08, 2013, 02:46:21 PM »
Yes, I verified this was a calculation error.  I've fixed the error, and submitted the new version (6.4) for release.  Thank you for pointing this error out.  If you have any other issues with the spreadsheet, please let post it and I will get it fixed as soon as I can.

thomas.backus

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Re: 50/50 split... please review
« Reply #12 on: March 08, 2013, 03:22:30 PM »
cool thanks!

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Re: 50/50 split... please review
« Reply #13 on: March 08, 2013, 09:44:47 PM »