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Will Child Support Affect My Taxes?

April 02, 2012 | Comments: 0 | Views: 165

A Couple of Issues to Expect with Child Support

There are two ways that you should expect your taxes to be affected by your child support:

• Many people wonder if their support is deductible payments are deductible, and the receiver wonders if their payments are taxable.

• The other questions that parents run into is which parent will be able to claim the child as a dependent, and who will receive the tax credit.

How Child Support Payments Work

The IRS does not look at these kind of support payments as earned income, and this means that there is no need for you to pay taxes or claim your child support payments on your 1040.

It is important to understand that Alimony and Child Support are not treated equally.

Alimony and Child Support should not be lumped together when the individual is receiving both.

Federal income taxes have distinct different requirements when filing Support for a Child and Alimony income:

• Federal will not tax Child Support

• Alimony is both taxable and tax-deductible depending on if you are the payer or payee.

It is important to understand how taxes work with your payments before agreeing to the terms. Since alimony is taxable the full amount will not be able to be used for part of it will go to taxes.

How to Decide on Which Parent Gets to Claim the Child as a Dependent

Many parents want to be able to claim their children on their taxes so that they receive the child tax credit, but there are rules that need to be followed.

• Generally the person has to provide at least 50% or more of the support for the child in order to be able to claim them on their taxes.

• There are legal agreements available through the IRS should both parents choose to want to have one.

Not every child has to be claimed directly by a single parent. Some parents choose to split the deductions.

o Parents of a single child will rotate which parent receives the deduction.

o If there are two or more children the parents have the option of claiming certain children on their taxes.

o The IRS Form 8332, signed by the custodial parent, must be attached to the noncustodial parent's income tax return to allocate the deduction and child tax credit to him or her.

• A single child may not be claimed by both parents in the same year. A child may only be claimed once in a year.

The Dorsey Law Firm represents clients who need services regarding family law, criminal and personal injury law. The Dorsey Law Firm is located in downtown Jacksonville, Florida.

For more information about the Divorce Process in Florida, Contact The Dorsey Law Firm.

Source: EzineArticles
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