Tag Archives: Child support payments
Taxpayers who file a joint return with their spouse and have part (or all) of their share of overpayment applied to a spouse’s past tax debts may be entitled to claim a refund as an injured spouse. A spouse’s past debts can include: Tax liability Child/spousal support Federal non-tax debt State income tax Situational Example: […]
— Read moreTax free income is money that isn’t subject to income tax like other forms of earnings. There are a variety of different things that can be counted as tax-free income, including: Auto rebates Child support payments Disability payments Combat pay Lawsuit damages for personal injury cases Life insurance dividends up to the premium amount Casualty […]
— Read moreAre you a parent? It’s important to understand how support you provide to your children can alter your tax liability, and which types of support you can get credit for. Child Credit For each child under the age of 17 that you claim on your tax return, your taxable income is reduced by $1,000. The […]
— Read moreGetting a divorce can be difficult for all parties, including financially. Your assets are now up for grabs, not only by your soon to be ex, but also by the IRS. Divorce impacts your taxes a lot, so you should be aware of the expectations at tax time when you get a divorce. Filing Status […]
— Read moreWhen going through a divorce, you’re likely not thinking of your taxes. However, alimony and child support will affect your taxes. It’s important to understand how they factor into your return. Alimony If you are required to pay alimony, the amount you are responsible for isn’t accounted into your taxable income. This means your tax […]
— Read moreIf you are divorced or separated, you should know how your alimony payments factor in at tax time. Any payments made in accordance with a divorce or separate maintenance decree, or written separation agreement from both parties is considered alimony at tax time provided the following are met: You do not file a joint return […]
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