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Child Support is not taxable, nor deductible. the child(ren) however, are.
if its not in your divorce papers, or a court order who can claim them the IRS goes by this;
who pays for more then 50% of the childs living expenses
who the child lives with for a certain amount of months per year.
if both parents claim the child(ren), the IRS will audit BOTH parents. and the parent with the living expenses receipts wins.
OK, lets take a look at what you might pay...
you pay what? 400? 600? 900?
ok, lets see...
rent; 1000
electric 300
food 400-600
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 and do much more...) 200
that doesnt even include clothes, shoes, sneakers, school supplies, hair cuts, class trips, class pictures, over the counter medicines, perscriptions, laundry det, soap, shampoo, toothpaste, christmas, easter, tooth fairy, birthdays, etc. etc
if you are on civil terms w/the ex, see if you can share every other year of claiming the child...
----------------------- LINKS for you
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 |
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