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When doing taxes, are spousal support and child support deductions from gross income? |
When doing taxes, are spousal support and child support deductions from gross income? Alimony payments, i.e., spousal support, is deductible to the payor and taxable to the recipient. Note: If you do not have a court order or written agreement, there are no tax consequences. You cannot deduct any of the payments. Any child support orders dated May 1, 1997 or later are automatically deemed non tax deductible to the payor and non taxable to the recipient (pursuant to the Suzanne Thibideau court rulings 1997). If you need further information, CRA's website on support payments received is: http://www.cra-arc.gc.ca/tax/individuals... If you need further information, CRA's website on support payments paid is: http://www.cra-arc.gc.ca/tax/individuals... Hope this helps you. Spousal Support is a deduction from income, child support is not. Many times, the non-custodial parent has the tax exemption for the child(ren), and can claim the child tax credit. If you pay alimony it is a deduction from income. Children are your responsibility and so child support is not a deduction from income. when filing taxes, child support is not taxable nor deductable... but spousal support is taxable. the IRS links are below. if you BOTH claim the child(ren) as dependents, you BOTH get audited by the IRS. here are the links you need... 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... http://www.irs.gov/publications/p504/ar0... http://money.cnn.com/2007/02/14/pf/taxes... |
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