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| *Loan,banking and credit>>>child tax |
I paid for my 2 children child support for this entry year. can i use that money for tax deductible? |
I paid for my 2 children child support for this entry year. can i use that money for tax deductible? 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.h... http://www.irs.gov/advocate/index.html... http://www.irs.gov/publications/p525/ind... http://www.fms.treas.gov/faq/offsets_chi... Only if the children lived with you for more than 6 months of the year. No, child support payments you pay are not a tax deductible. now dont think so yes i believe so no you cannot not Call 1-800-829-1040 This is the tax hotline for IRS. They have a complicated script to follow to determine whether you can claim your child or not and for which credits. |
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