Child support is not taxable to the recipient nor is it deductible to the payer. Always make your child support payments on time, with pride in the knowledge that you are contributing to the support of your children. There is no room in child support for bitterness or anger at your ex. ...
Child support is a payment from the higher income parent to the lower income parent that is intended to pay for basic living necessities of the child. Those necessities include items such as living quarters, electricity, water, and food. Child support is notdeductible on taxes. A common miscon...
Because child support is intended to benefit the children, it's not considered taxable income for the person who receives it. Child support payment is also not deductible for the parent who provides it.4 IRS Rules Regarding Alimony and Child Support The IRS has several requirements when it come...
When a mother is not married, it's not always clear who the father is -- and whether or not he must pay child support. 18 min read ACKNOWLEDGED FATHER An acknowledged father is any biological father of a child born to unmarried parents for whom paternity has been established by either ...
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Child support falls into something of a black hole when it comes to taxes. It'stax-neutral, meaning that it is neither a deductible expense for the parent who pays it nor taxable income to the parent who receives it. In some states, the court takes into consideration a parent's tax burd...
Families covered under a high-deductible health plan (HDHP) may also be able to maximize tax deductions with ahealth savings account(HSA). Some special needs children are able to go to public schools that offer a wide range of educational and emotional support programs, such as occupational th...
You might also be thinking about child support during tax season. Generally speaking, it’s not deductible by the payer nor taxable income for the receiver anymore (thanks tax reform.). But always check with a tax pro since everyone’s situation has its quirks. ...
And yet there’s also support in Congress to increase penalties for child labor violations. Currently, the maximum such fine is $15,138 per child.Pending bills in the HouseandSenatewould increase the penalty to nearly 10 times that amount if enacted. ...
The US Tax law no longer considers it as an income for the payee, nor is it tax-deductible for the payer. The main difference between alimony and child support is that alimony is for the maintenance of the ex-spouse, while child support is to financially maintain the child. ...