2007-02-23 05:58:08 · 11 answers · asked by spiffy 1 in Business & Finance ➔ Taxes ➔ United States
No, it is not tax deductible by you OR taxable income to the other parent.
2007-02-23 06:02:10 · answer #1 · answered by R Worth 4 · 3⤊ 1⤋
No, you would deduct the 2012 State Income Taxes on your 2012 Federal 1040. And, any refund from the state becomes taxable income in 2013 on your 1040 since you got a deduction on your 2012 140 return.
2016-05-24 02:53:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
No. Child support payments have no impact on taxes. That means that the payor cannot deduct them and the payee does not claim them as income.
If any part of the child support is termed spousal support or alimony, then that portion is tax deductible.
2007-02-23 06:04:11 · answer #3 · answered by loandude 4 · 1⤊ 0⤋
It is disheartening but everyone has answered correctly. Now, if it were alimony - yes......
I have always wondered why there couldn't be some type of tax credit for the individuals who do pay their child support, because they have 1000's of dollars paid out each year without the benefit of a credit. It is the right thing to pay child support and I would hate to see a parent who receives it taxed - maybe like an energy credit.....
2007-02-23 07:31:15 · answer #4 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 1⤋
Nope. Child support is not tax deductible. What you pay in child support though, can be used in calculating whether you have paid for more than 50% of the support for the child in determining whether you qualify for claiming the child as your dependent.
2007-02-23 06:04:42 · answer #5 · answered by jseah114 6 · 0⤊ 1⤋
NOPE, child support isnt taxable nor deductable, but the kids are. ...and you cant use them as dependants (write offs) just because you paid child support.
if its not in your divorce papers, or court order (as to who gets to claim the kids), then they go by who pays more then 50% of the childrens living expenses and how many months they lived with you.
if you both claim them, you will both be audited by the IRS.
you pay what? 400? 600? 900?
ok, lets see...
rent; 1000
electric 300
food 400-600
diapers 75-150 per month (fluctuates when baby is sick or teething)
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) 200
clothing/shoes/boots 200-400 every 2 to 3 months (seasonal and they grow)
that doesnt even include dental, doctors, glasses, daycare, hair cuts, school supplies, school lunches, school projects, class trips, class pictures, over the counter medicines, prescriptions, laundry det, dish det, cleaners, soap, shampoo, toothpaste, christmas, easter, halloween, tooth fairy, birthdays, etc. and sooo much more
in my house, the children go through 1 gallon of milk per day; thats $3.50x30... almost $100 a month in milk. and thats JUST milk alone.
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
http://money.cnn.com/2007/02/14/pf/taxes/do_not_miss_tax_breaks/index.htm?postversion=2007021411
2007-02-24 19:09:39 · answer #6 · answered by Yvette B yvetteb 6 · 0⤊ 0⤋
No, child support isn't deductible.
2007-02-24 14:47:17 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
No, child support is NEVER deductible.
2007-02-23 06:05:14 · answer #8 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Only if you want to go to jail for fraud. Not deductable
2007-02-23 06:01:23 · answer #9 · answered by wizjp 7 · 2⤊ 0⤋
Nope, but you may be entitled to claim the children as dependents. it depends on your divorce decree &/or the cooperation of your former spouse. Check w/ your divorce attorney.
2007-02-23 06:03:30 · answer #10 · answered by Tom's Mom 4 · 0⤊ 3⤋