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Child support payments made by a taxpayer are deductible on the federal return.?
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Is spousal support tax deductible?
Spousal support payments would not be deductible on your income tax return. Only Alimony payments would be deductible on your 1040 income tax return.
How does child support payments effect your income taxes?
It's neither taxable, or tax deductible.
How can you deduct alimony payments when paying taxes?
Alimony payments are deductible as an above-the-line deduction on your Federal income taxes. They are reported on Line 31a of Form 1040 for 2010. Note that Line 31a also requires you to report the Social Security Number of the person you paid alimony to, because it will be considered taxable income for them. It's important to point out that child support payments are NOT deductible. So, if you are making monthly court-ordered payments that include both alimony and child support, you can only deduct the portion of those payments that are considered alimony. Usually the court order will specify these amounts.
Do you pay taxes on child support if you have a high income bracket?
No Child support payments are neither deductible by the payer nor taxable to the payee. When you calculate your gross income to see if you are required to file a tax return, do not include child support payments received. However, alimony, separate maintenance, and similar payments from your spouse or former spouse are taxable to you in the year received:
What is the limit on child support payments in NC?
Federal limits place it at 55% of gross income.
Are guardianship expenses tax deductible?
If a taxpayer wants to deduct the legal fees of guardianship, then part of these legal fees will need to have to do with the taxpayer trying to collect money for the guardianship. For example, if the guardian receives any child support or other unearned income from the guardianship, separate tax papers need to be filed.
Can you file taxes if you get a child support?
In the UK it is your responsibility to file a tax return if you think you may owe tax but you won't have to pay any tax on child maintenance payments you receive in the UK. Similarly in the US The person paying child support cannot deduct those payments on a tax return and child support is not included in the income of the person getting the payments.
When should I receive back child support from the non constodial parent after it is garnished from federal taxes?
That depends on factors such as how efficient your State's child support agency is and whether the taxpayer has filed an appeal of the garnishment (technically, it's an interception).
Do taxpayer dollars go to death row?
Taxpayer dollars support the entire corrections system - so - in that sense - yes, they do.
Can child support paid to the custodial parent be garnished if they owe other debts?
No. Child support payments cannot be garnished.No. Child support payments cannot be garnished.No. Child support payments cannot be garnished.No. Child support payments cannot be garnished.
Are child support payments tax deductible?
You and the child's mother have to agree who is taking the child deduction (usually the parent with custody), so the child support is probably not deductible. Consult with a CPA or tax specialist to make sure; you can refile your taxes if there is some way that the payments are deductible--but only if a CPA says you can.
Is the interested paid on a back spousal support payment tax deductible?
Personal interest is not tax deductible
