Just a simple question.
I receive, not pay, child support. Do I need an end of the year statement from what has been paid to me or anything like that when I file for my taxes?
2007-02-01 07:19:18 · 8 answers · asked by Some Girl 3 in Business & Finance ➔ Taxes ➔ United States
Child support is not a taxable income to you and is not deductible to the person who pays it. You don't need any statements as you need not report this amount.
2007-02-01 07:51:50 · answer #1 · answered by onlinetaxsiteswatch 2 · 1⤊ 0⤋
No, the person who pays the child support is the one who pays the Taxes. Technically, he is not paying taxes on paying childsupport, but he will not deduct child support from his income to exclude in from being taxed... so therefor the person giving the child support is being taxed on it. You will NOT be taxed on the child support, but you may have to report it properly if required to do so.
2007-02-01 15:26:23 · answer #2 · answered by azfarmb 2 · 0⤊ 1⤋
"Child support" isn't taxable to you or a deduction to your ex. "Spousal support" is. If you get spousal support, I doubt your ex will give you a statement.
2007-02-01 15:23:21 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋
Child Support is NON-TAXABLE INCOME...
unlike Spousal Support which is TAXABLE INCOME.....
2007-02-01 15:27:55 · answer #4 · answered by nuroticmom 2 · 0⤊ 0⤋
heres the info you need. NOPE you dont.
TAX INFO
http://www.taxsites.com/index.htm
http://www.divorceinfo.com/taxes.htm
http://www.irs.gov/taxtopics/tc422.html
http://www.irs.gov/faqs/faq4-5.html
http://www.irs.gov/localcontacts/index.html
http://www.irs.gov/advocate/index.html
http://www.fms.treas.gov/faq/offsets_childsupport.html
2007-02-04 03:32:27 · answer #5 · answered by Yvette B yvetteb 6 · 0⤊ 0⤋
first, u have to report it, and it won't harm u. because it is not counted as earned income.
2007-02-01 15:32:39 · answer #6 · answered by ginger c 1 · 0⤊ 2⤋
NO you do not need to do anything.
Forget you even got it.
2007-02-01 15:27:41 · answer #7 · answered by Whoa_Phat 4 · 0⤊ 1⤋
yep! you must account for all income.
2007-02-01 15:26:21 · answer #8 · answered by Anonymous · 0⤊ 3⤋