I paid for my 2 children child support for this entry year. can i use that money for tax deductible?

Answer 1

Child Support is not taxable, nor deductible. the child(ren) however, are.

if its not in your divorce papers, or a court order who can claim them the IRS goes by this;

who pays for more then 50% of the childs living expenses
who the child lives with for a certain amount of months per year.

if both parents claim the child(ren), the IRS will audit BOTH parents. and the parent with the living expenses receipts wins.

OK, lets take a look at what you might pay...

you pay what? 400? 600? 900?

ok, lets see...
rent; 1000
electric 300
food 400-600
heat 300
phone/cable 100
auto; (for doctors, dentists, take to school when they miss the bus, pick up when sick, pick up medicines, get food and do much more...) 200

that doesnt even include clothes, shoes, sneakers, school supplies, hair cuts, class trips, class pictures, over the counter medicines, perscriptions, laundry det, soap, shampoo, toothpaste, christmas, easter, tooth fairy, birthdays, etc. etc


if you are on civil terms w/the ex, see if you can share every other year of claiming the child...

----------------------- LINKS for you

TAX INFO
http://www.taxsites.com/index.htm
http://www.divorceinfo.com/taxes.htm
http://www.irs.gov/taxtopics/tc354.html
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.irs.gov/publications/p525/index.html
http://www.fms.treas.gov/faq/offsets_childsupport.html

Answer 2

As stated before, child support payments are not income. Alimony, though, is. Now, regarding your question about deductibility of income not received. This is NEVER the case regardless of the income. Individual tax returns are reported on the Cash Basis, meaning you only report income you actually received and deductions you actually paid during the tax year. Only in extremely rare cases will the IRS allow an individual to report on the Accrual Basis. The concept of deducting for income you don't receive is the Accrual Basis of accounting. You do a job and bill it. You are receognizing the income at the time of billing, not the time of receipt. So you pay tax on profit you haven't actually received in cash yet. It is only in the year you give up on trying to collect the money owed to you that you 'write off" (deduct) the bad debt. Can you imagine the confusion and trouble if we reported gains/losses on investments every year we own them? Pure chaos. And you thought the tax return was confusing as it is!

Answer 3

LMAO!! You can't deduct child support on your taxes! HOWEVER if the children live with you for atleast 6-7 months out of the year claim them as a dependent!

Answer 4

Totally contingent on what is spelled out in your divorce decree.

Generally, child support is not tax deductible and you cannot claim the children UNLESS your lawyer did a good job.

Most don't.

Spousal support and alimony are usually deductible to the payer and taxable to the ex.

Answer 5

Only if the children lived with you for more than 6 months of the year.

Answer 6

You can't claim child support paid and you don't have to claim it as income. You can claim alimony paid and received and you can claim the children as dependents if you are entitled to. Read the IRS tax booklet, it explains a lot of info if you take the time to read it.

Answer 7

Call 1-800-829-1040

This is the tax hotline for IRS. They have a complicated script to follow to determine whether you can claim your child or not and for which credits.

Answer 8

No, child support payments you pay are not a tax deductible.

Answer 9

yes i believe so

Answer 10

now dont think so