2007-01-12 16:49:25 · 4 answers · asked by Alex H 2 in Business & Finance ➔ Insurance
If the non custodial parent is past due in his obligations then yes--child support can tap the settlement to pay off the arrearages. However if the payer is current this would not be considered in annual income and therefore it would NOT pay to go back to court and have the child support adjusted as he can prove this was a lump sum settlement.
2007-01-16 05:56:50 · answer #1 · answered by Cherie 6 · 0⤊ 0⤋
The funds coming from a personal injury lawsuit are not even supposed to be considered for taxes. I believe that it probably would not be, but the attorney working on this case can tell you. Also, if you are found disabled enough to go on Social Security, Social Security will send the child's caregiver a bit of money to assist with their care - probably not much though, unless you've worked a lot.
2007-01-12 17:00:07 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Yes! Refer to page 23 of this IRS publication:
http://www.irs.gov/pub/irs-pdf/p502.pdf
If it's taxable income, then it's also reportable income for figuring child support. However, in order to increase the amount you're paying, your ex-spouse must petition a court.
2007-01-13 12:08:00 · answer #3 · answered by Suzanne: YPA 7 · 0⤊ 0⤋
YEAH I THINK ANY MONEY YOU GET THEY CAN TAKE THERE SHARE AND THEY WILL GET THERE MONEY
2007-01-12 17:00:25 · answer #4 · answered by whitebread_48 1 · 0⤊ 1⤋