I do not claim the child as a dependant, but should I still see some kind of benefit when I file my taxes? I gave this info to my accountant and he told me that It wouln't do any benefit for me. I was puzzled...So can someone help me!
2007-03-14 15:35:47 · 12 answers · asked by Drake 1 in Business & Finance ➔ Taxes ➔ United States
Your accountant is correct. There is no credit/deduction for you for the child support you have paid. Furthermore, this is non-taxable income to the recipient who will most likely be claiming the child as a dependent.
2007-03-14 15:42:36 · answer #1 · answered by your_futurexwife 2 · 0⤊ 0⤋
No, it doesn't. There are two competing standards at work here. First, if you provide 51% of the financial support for someone then you can claim them as a deduction UNLESS and this is the competing standard a court grants the deduction to a particular person.
Child support is just an ordinary expense, like clothing or food for yourself. The tax code does not consider it a reduction in salary. Alimony is because it is a reduction in salary. An ex-spouse receives alimony to compensate from the equivalent lost wages that were implicitly paid for taking care of the home. That spouse is effectively an employee whose job was to care for the home.
2007-03-14 22:44:37 · answer #2 · answered by OPM 7 · 0⤊ 0⤋
Child support does not get you a tax deduction, in the same way that receiving child support is not deemed taxable income. The common deductions you can receive for children are if you are paying child care directly to a licensed child care provider, and of course if you are claiming the child as your dependent.
2007-03-14 22:39:57 · answer #3 · answered by Mel 6 · 2⤊ 0⤋
I think that you have to claim it on your taxes, but I do not think that it does help you. The only thing that does, is child tax credits, and earned income credit. You have to claim a child to get these. You may want to check again, though.
2007-03-14 22:51:05 · answer #4 · answered by kmf77 3 · 0⤊ 1⤋
Paying child support has no benefit.I have been paying for 8 years and have never been able to put him down as a dependent.Sorry,but there is nothing you can do!Good luck
2007-03-14 22:40:02 · answer #5 · answered by charles 4 · 0⤊ 0⤋
Sorry dude, you can't file child support as a deduction. I know real screwed up!!!
2007-03-14 22:41:17 · answer #6 · answered by Chris P 3 · 1⤊ 0⤋
Would you deduct it if the child lived with you? NO Its not deductible.
Alimony is deductible, but the ex has to pick it up as income.
2007-03-16 11:16:56 · answer #7 · answered by Z28_Zeppelin 2 · 0⤊ 0⤋
Child support, whether you're paying it or receiving it, has no effect on your taxes.
2007-03-14 22:42:01 · answer #8 · answered by Judy 7 · 0⤊ 0⤋
I have always heard that Yes if you pay Child Support you can claim what you have paid in. You cannot claim the Child as a dependant if the Mother has Primary Custody and claiming him also.
2007-03-14 22:39:20 · answer #9 · answered by donna_honeycutt47 6 · 0⤊ 5⤋
Nope. Child support is not deductible. Alimony is, though. go figure. Tough luck. wish I had better news.
2007-03-14 22:38:25 · answer #10 · answered by Peggy K 5 · 3⤊ 0⤋