He gives me money orders on a weekly basis, and he is not going to file this as less income on his taxes.
2007-02-08 08:43:49 · 9 answers · asked by maruka033 1 in Business & Finance ➔ Taxes ➔ United States
No...and it's a good thing he's not going to file it as less income as child support payments are neither includible as income or deductible as an expense. However, the exemption that the child represents can be traded back and forth if there's no court order. If he's paying you diligently then I'd just let him have the exemption as a thank you for being a responsible dad. Just ask him to take your kid on a special kids night out with the extra cash.
2007-02-08 08:51:29 · answer #1 · answered by digdowndeepnseattle 6 · 1⤊ 1⤋
Normally you do not have to claim child support as income at all. He cannot deduct this amount from his taxable income. Alimony is a different story, if there is alimony involved and he reports that on his taxes as a deduction you would need to claim that amount as income and pay tax on it.
2007-02-08 16:53:59 · answer #2 · answered by Joseph C 1 · 1⤊ 1⤋
No, child support is not income to you or deductible by him. However, you should still go to court and get the blessing of the courts on this. This will protect you if he should ever stop paying for any reason.
2007-02-08 16:53:55 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Child support, whether court-ordered or worked out between you, is not reported or taxable to the person who receives it, and is not reported or deductible to the person paying it. So no you don't claim it - and he couldn't deduct it even if he wanted to.
2007-02-08 21:45:16 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
Some stupid people are answering questions today. Child Support is NEVER Taxable for the recipient NOR deductible for the payer.
ALIMONY is.
2007-02-08 16:51:39 · answer #5 · answered by miketorse 5 · 1⤊ 1⤋
You can claim your child, you do not claim the additional income. That is a taxable expense to your childs father, until it is formal.
2007-02-08 16:48:09 · answer #6 · answered by whatevit 5 · 0⤊ 3⤋
Child support is not taxable to you, and it is not deductable for him
2007-02-08 16:49:11 · answer #7 · answered by Rob 7 · 3⤊ 1⤋
According to the IRS, any money you receive as income, whether through work, lottery win, or child support, must be reported to the IRS. Remember, that is according to the IRS.
2007-02-08 16:50:08 · answer #8 · answered by ? 7 · 0⤊ 7⤋
Any money you get is taxable income...
On top of that...KEEP YOUR RECEIPTS!!
You should also document and both sign your agreement, you might regret not having legal documentation someday...
2007-02-08 16:53:54 · answer #9 · answered by noflacko 3 · 0⤊ 5⤋